Sensex jumps 583 points, Nifty ends above 25,000 on buying in IT, banking counters

Stock markets rallied for the third consecutive day on Monday, with benchmark Sensex climbing 583 points and the Nifty reclaiming the 25,000-level following value buying in IT and financial shares.

The 30-share BSE Sensex jumped 582.95 points or 0.72 per cent to settle at 81,790.12. During the day, it zoomed 639.25 points or 0.78 per cent to 81,846.42.

The 50-share NSE Nifty surged by 183.40 points or 0.74 per cent to 25,077.65. Nifty has advanced 466 points or 1.89 per cent in three sessions to regain the 25,000 level on Monday on value buying by investors.

Among Sensex firms, Tata Consultancy Services, Tech Mahindra, Axis Bank, Bajaj Finance, Eternal, Infosys, Kotak Mahindra Bank and Bajaj Finserv were the major gainers.

However, Tata Steel, Adani Ports, Power Grid and Titan were among the laggards.

The BSE midcap gauge climbed 0.68 per cent, while small-cap index dipped 0.20 per cent.

In Asian markets, Japan's Nikkei 225 index jumped nearly 5 per cent, while Hong Kong's Hang Seng index settled lower. Markets in China and South Korea were closed for holidays.

Stock markets in Europe were trading lower. US markets ended on a mixed note on Friday.

Global oil benchmark Brent crude jumped 1.78 per cent to USD 65.68 a barrel.

Foreign Institutional Investors offloaded equities worth Rs 1,583.37 crore on Friday, according to exchange data.