Sensex jumps 564 pts, Nifty gains for 4th day
Benchmark stock index Sensex climbed 564 points while the Nifty rose for the fourth consecutive session on Monday, supported by cooling crude oil prices, fresh foreign fund inflows and a positive trend in global equities.
The 30-share BSE Sensex jumped 564.03 points, or 0.76 per cent, to settle at a more-than-a-week high of 74,858.99. During the day, it surged 692.44 points, or 0.93 per cent, to 74,987.40.
Rising for the fourth day, the 50-share NSE Nifty closed higher by 67.90 points, or 0.29 per cent, at 23,414.30. Among the 30 Sensex firms, UltraTech Cement jumped 4.11 per cent. HCL Tech, Eternal, Titan, ITC and Tech Mahindra were also among the prominent winners. Bharti Airtel, Power Grid, Infosys and Adani Ports were among the laggards.
“Indian equity benchmarks closed higher today, extending their recent recovery as easing crude oil prices and broad-based buying improved market sentiment. The moderation in energy prices offered some relief on concerns over India’s import bill, inflation outlook and corporate margins, although the broader backdrop remained cautious amid persistent geopolitical uncertainty,” Ponmudi R, CEO of Enrich Money, an online trading and wealth tech firm, said.
The BSE MidCap Select index went up by 0.35 per cent, while the SmallCap Select index dipped 0.05 per cent.
Among the BSE sectoral indices, Realty jumped 1.71 per cent, Consumer Durables 1.55 per cent, Healthcare 1.12 per cent, FMCG 1.07 per cent, Housing Finance 0.80 per cent, and Top 10 Banks 0.71 per cent.
Utilities, Auto, Insurance, Power, MidSmall Private Banks Quality Tilt and MidSmall Private Banks were the laggards. The Rs 22,569-crore initial public offering of the National Stock Exchange of India (NSE), the country’s second-largest public issue, received nearly 6 times subscription on the final day of bidding on Monday.
Vinod Nair, Head of Research, Geojit Investments Limited, said, “Improving sentiment ahead of the upcoming US-China talks, renewed hopes of diplomatic engagement between the US and Iran at the UN, and the decline in oil prices and bond yields have provided relief to investors. The easing of concerns around inflation and energy costs has supported a broad-based recovery across sectors and supported overall market sentiment.” Brent crude, the global oil benchmark, tanked 2.36 per cent to $101.4 per barrel.
Foreign Institutional Investors (FIIs) bought equities worth `599.54 crore on Friday, according to exchange data. In Asian markets, South Korea’s Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng index ended in positive territory.
Markets in Europe were trading significantly higher. US markets ended mostly higher on Friday. On Friday, the Sensex dipped 19.63 points, or 0.03 per cent, to settle at 74,294.96. Rallying for the third day, the Nifty closed 75.80 points, or 0.33 per cent, higher at 23,346.40.
