Mumbai (Maharashtra) [India], August 8 (ANI): The Indian stock market's benchmark Sensex surged 465 points on Monday led by strong buying support in index heavyweights Reliance Industries Limited and HDFC Bank.

The 30-stock SP BSE Sensex ended the day at 58,853.07 points, which is 465.14 points or 0.80 per cent higher than its previous session's close at 58,387.93 points.

The Sensex started the day in the positive at 58,417.71 points but slipped into the red in the early morning session hitting a low of 58,266.65 points. The markets witnessed a strong rally in the afternoon surging to a high of 58,934.90 points in the intra-day.

The Indian equities markets have witnessed a strong rally in recent days. The Sensex has closed in the positive for the eighth time in the past nine trading sessions.

The Sensex had closed 89.13 points or 0.15 per cent higher on Friday after the Reserve Bank of India (RBI) hiked the policy repo rate by 50 basis points to tame inflation.

The Monetary Policy Committee that met during 3-5 August unanimously decided to increase the policy repo rate by 50 basis points to 5.4 per cent, with immediate effect.

Consequently, the standing deposit facility (SDF) rate stands adjusted to 5.15 per cent; and the marginal standing facility (MSF) rate and the Bank Rate to 5.65 per cent. The MPC also decided to remain focused on the withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth.

The broader Nifty 50 of the National Stock Exchange closed 127.60 points or 0.73 per cent higher at 17,525.10 points against its previous session's close at 17,397.50 points.

The index heavyweight Reliance Industries Limited rose 1.30 per cent to Rs 2566.80.

There was strong buying support in private banks and financial stocks. HDFC Bank surged 2.41 per cent to Rs 1460.95. Axis Bank rose 2.40 per cent to Rs 745.75. HDFC rose 1.72 per cent to Rs 2394.30. IndusInd Bank rose 1.37 per cent to Rs 1050.55.

MahindraMahindra surged 3.13 per cent to Rs 1274.85. Bajaj Finserv rose 2.95 per cent to Rs 15534.20. LT, NTPC, Dr Reddy's Laboratories and Maruti Suzuki were among the major Sensex gainers.

State Bank of India dipped 1.95 per cent to Rs 520.30. Share price of State Bank of India (SBI) slumped after the country's largest lender announced 7 per cent decline in its standalone net profit for the quarter ended June 30, 2022.

On Saturday, SBI reported standalone net profit of Rs 6,068 crore for the first quarter of the current financial as compared to Rs 6,504 crore recorded in the corresponding period of the last year, registering a year-on-year decline of 7 per cent.

SBI's standalone total income fell to Rs 74,998.57 crore for the quarter ended June 30, 2022 as compared to Rs 77,347.17 crore recorded in the corresponding quarter of the last year.

As per a regulatory filing to the stock exchanges, State Bank of India's balance sheet size crossed Rs 50 lakh crore during the quarter under review.

UltraTech Cement, Nestle India, Wipro, Power Grid Corporation, Sun Pharma and Asian Paints were among the major Sensex losers. (ANI)