RIL, banks lift Sensex even as FPIs sell

MUMBAI: Strong buying in a host of bank stocks and Reliance Industries lifted the Sensex by 650 points on Monday to close at 83,277 points. However, nearly a Rs 1,000-crore net selling by foreign funds raised doubts about the sustainability of the rally. IT stocks had been under pressure over the past few sessions amid doubts surrounding their business models in the age of AI, but their losses were contained on Monday. The session also saw a host of stock of companies that have their businesses closely linked to the stock exchange slide on the back of RBI’s recent rule changes that made it stricter for banks to lend for stock-related usage. This led to sharp fall in stock prices of BSE, MCX, Angel One and Groww in early trades but closed mixed.