Share Market Today: Sensex Up 443 Points; Nifty Around 24,150. IT, Banking Shares Gain

Share market today: The two key equity benchmarks, Sensex and Nifty, on Monday closed at a new record high, led by information technology, metal, and financial shares. The BSE Sensex index jumped 443 points to close at 79,476. On the other hand, the NSE Nifty50 ended at 24,142, up 131 points.

Stock update

On the 30-share Sensex platform, TechM, Bajaj Finance, UltracCemco, TCS, Infosys, JSW Steel emerged gainers. On the downside, NTPC, SBI, L&T, IndusInd Bank, Bajaj Finserv, PowerGrid were among the losers.

In the broader markets, the BSE Midcap index ended 1.11 per cent higher, settling near its new lifetime high of 46,696 touched earlier on Monday. The BSE SmallCap index closed 1.58 per cent higher.

Sectoral update

Sectorwise, Nifty Media index gained 2.4 per cent, the Nifty IT 1.97 per cent, and the Nifty Metal 0.7 per cent.  

"The domestic market sustained its upward momentum, with a reduction in US PCE inflation raising hopes for a rate cut by the US Fed in September. This optimism contributed to the strong performance of IT stocks," said Vinod Nair, Head of Research, Geojit Financial Services.

In the previous session on Friday, the BSE Sensex settled 210 points lower at 79,032, while NSE Nifty50 slipped 34 points to 24,011.

Global update

In Asian markets, Seoul, Tokyo and Shanghai settled higher. European markets were trading with gains. US markets ended lower on Friday.

Global oil benchmark Brent crude climbed 0.51 per cent to $85.43 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 23.09 crore on Friday, according to exchange data.

Rupee drops 11 paise

The rupee depreciated 11 paise to settle at 83.45 (provisional) against the US dollar on Monday, tracking rising crude oil prices in international markets. However, a firm trend in domestic equity markets, positive manufacturing PMI data and a weak US dollar against major currencies overseas capped the sharp fall, forex traders said.

At the interbank foreign exchange market, the local unit opened at 83.39 and moved between the high of 83.38 and the low of 83.47 against the greenback during the session.

The unit finally settled at 83.45 (provisional) against the dollar, registering a loss of 11 paise from its previous closing level. On Friday, the rupee settled 11 paise higher at 83.34 against the US dollar.