Sensex rebounds 153 points higher, Nifty settles above 17,050

IT stocks, as well as index heavyweight Reliance Industries, saw robust buying today as the BSE Sensex and Nifty concluded Monday's turbulent trading session higher amid mixed global cues. After hitting an intraday high of 57,626.51, the Sensex closed 153.43 points higher, or 0.27 percent higher, at 57,260.58. The Nifty50 index, the NSE's benchmark, rose 27.50 points, or 0.16 percent, to 17,053.95. During intraday trade, the Nifty50 index reached a high of 17,160.70.

IT companies drove the market higher; Nifty IT, the NSE's IT sub-index, increased 0.73 percent, followed by gains in HCL Tech, TCS, L&T Infotech, and Wipro, which all jumped between 1.47 percent and 2.08 percent. With a rise of 2.91 percent, Kotak Mahindra Bank led the Nifty gainers. The Reserve Bank of India (RBI) has approved state-owned insurance behemoth Life Insurance Corporation (LIC) to increase its ownership in the private sector lender from 4.96 percent to 9.99 percent, according to the private sector lender.

The Nifty Realty, Oil & Gas, Healthcare, Pharma, Media, and Auto indices all dropped by 0.5-2 percent. Select IT, Consumer Durables, and Financial Services stocks, on the other hand, saw buying trend. The Nifty Midcap 100 index declined 1.35 percent, while the Nifty Smallcap 100 index fell 2.6 percent, underperforming its larger peers.

Over the weekend, Reliance Industries gained more than 1 percent as its telecom unit, Reliance Jio Infocomm, boosted pricing. HCL Technologies, HDFC Life, Titan, Wipro, Bajaj Finserv, Bajaj Finance, Hindalco, and HDFC Bank were all up at the end of the day.

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