Equities kicked off the last week of 2022 on a firm note with the benchmark indices rallying by more than 1 per cent, following a positive trend in global markets.

Led by gains in banking, IT and oil counters, the Sensex snapped a four-day loss, jumping 721.13 points, or 1.20 per cent, to finish at 60566.42.

The index vaulted 988.49 points, or 1.56 per cent, during intra-day trades at 60883.78.

On the NSE, the broader Nifty rose 207.80 points, or 1.17 per cent, to settle above the 18000 level at 18014.60. As many as 40 of Nifty stocks advanced while 10 declined.

The good start to the week came even though there was no let-up in the headwinds in the form of huge Covid cases in China and the possibility of some of the global economies tipping into a recession in 2023.

Analysts added that the markets were in an over-sold zone and Monday’s rally should be seen in that context.

They, however, cautioned that stocks are likely to see volatility in the near term amid tepid interest from foreign portfolio investors due to the holiday season.

“The domestic market was refuelled by bottom fishing and optimistic sentiment from global counterparts. PSU banks led the rally, while midcap and small-cap stocks outpaced the benchmark.

“Contrary to the trend, global concerns over the recession and Covid spread continue to remain high, which will sustain volatility in the market,’’ Vinod Nair, research head at Geojit Financial Services, said.

While the Dow Jones Industrial Average ended with gains of 0.53 per cent last Friday, stock markets in Asia were in the green in restricted trading after Christmas while markets in Europe, the US, and some Asian cities are closed for year-end holidays.

Tokyo’s Nikkei 225 index rose by 0.7 per cent, and Seoul’s Kospi gained by 0.2 per cent, while the Shanghai Composite index advanced by 0.7 per cent.

NDTV share surges

Shares of NDTV climbed 5 per cent in intra-day trade on Monday after its founders Prannoy Roy and his wife Radhika Roy said they will sell all but 5 per cent of their remaining shareholding in the news broadcaster to the Adani group for up to Rs 647.6 crore.

The stock jumped 4.99 per cent to Rs 357.60 during the day on the BSE.

The share later ended at Rs 343.40 apiece, up 0.82 per cent.

On the NSE, shares of the company gained 1.27 per cent to settle at Rs 345 per piece. During the day, it rallied 4.50 per cent to Rs 356.