Markets Carry Strong Sentiment From Pre-Open, Sensex Soars 1,900 Points, Nifty Above 24,600

Sentiment remained strong in the market as tensions between India and Pakistan eased a bit over the weekend. Situation on the border remained peaceful on Monday so far.

The Indian benchmark indices, Sensex and Nifty, soared in the pre-opening market hours on Monday. As tensions between India and Pakistan seemed to ease and the situation along the border remained peaceful for the first time in several days, the sentiment in the market seemed strong.

Around 9:10 AM, the BSE Sensex rallied close to 1,350 points and surpassed 80,800 in the early trading hours. Meanwhile, the NSE Nifty50 climbed over 400 points to touch 24,420 in the session.

This sentiment prevailed after markets opened and the indices surged in the first trading session of the week. Around 9:25 AM, the Sensex jumped more than 1,850 points to trade above 81K at 81,308, while the Nifty rose over 550 points to cross trade above 24,550 in the session.

Broader Markets And Foreign Investors

On the 30-share Sensex, Sun Pharma remained the only laggard. The gainers were driven by Adani Ports, Axis Bank, NTPC, Bajaj Finserv, and Eternal. In the broader markets, the Nifty Microcap 250 led in green and rallied 3.62 per cent in the session. 

Sectorally, the Realty and Financial Services Ex-Bank indices emerged as the largest gainers in the early trading hours and climbed 4.73 per cent and 3.67 per cent respectively. On the other hand, the laggards included Pharma and Healthcare Index which declined 2.22 per cent and 1.58 per cent respectively.

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said, "A thawing of the relationship between India & Pakistan is likely to trigger a massive rebound for benchmark Nifty early Monday trades, but that said any fresh violations of the cease fire deal from Pakistan could keep bullish sentiments fragile. The constructive trade talks between the US and China may further bolster global sentiment, while key domestic inflation numbers to be released on Tuesday & Wednesday will be in focus ahead of next month's credit policy."

The foreign institutional investors (FIIs) dumped Indian equities worth Rs 3,798.71 crore on Friday, after continuing to be net buyers for several sessions, official exchange data revealed.