India’s stock market benchmark had a strong start to the week, led by gains in financials, oil and gas, IT and metals, but losses in auto stocks were damaging. Globally, amid sticky, red-hot inflation, investors are wary of a sharp rise in COVID-era interest rates.

The Sensex gained 504.9 points or 0.9% to hit its highest level of the day at 59,308.3, while the Nifty50 climbed to 17,683.2, up 143.7 points or 0.8% from its previous close.

A total of 35 stocks in the Nifty50 basket ended higher. Hindalco, JSW Steel, NTPC, ITC and Sun Pharma were among the top gainers.

Reliance Industries, Tata Steel, Larsen & Toubro, HCL Tech and Coal India – all up about 1% – were also the biggest blue-chip gainers.

On the other hand, Nestle, Bajaj Auto, Britannia, UltraTech, Eicher, Wipro and Apollo Hospitals (down 0.4% to 1.7%) were the biggest laggards.

Reliance, ICICI Bank, ITC, HDFC Bank and L&T were the most important contributors to the gains for the two indices. All industries on Dalal Street have demand.

“Mixed jobs data from the US and deteriorating energy conditions in Europe have raised concerns about the global economy, which is grappling with high inflation and recession. Strong US employment will give the Fed the confidence to raise rates by another 50-75 basis points,” Geojit said Vinod Nair, Director of Financial Services Research.

Overall market breadth favoured bulls, with 2,208 BSE stocks advancing and 1,348 declining.