Share Markets Settle Higher: Sensex Nears 80,800, Nifty Over 24,450. Oil Prices Decline

On Sensex, Adani Ports, Bajaj Finserv, M&M, Eternal, and ITC settled the day higher. The laggards were dominated by Kotak Mahindra Bank, SBI, Titan, IndusInd Bank, and Axis Bank.

In global markets, South Korea, China, Hong Kong, and Japan observed stock market holidays, while European indices traded on a mixed note.

Source : Freepik

The Indian markets closed the trading session on Monday on a high. The benchmark indices, Sensex and Nifty, rallied throughout the session before closing trading in green. This rally was driven by consistent foreign fund inflows and a sharp decline in global oil prices.

The BSE Sensex settled almost 300 points higher at 80,797, while the NSE Nifty50 climbed more than 100 points and ended the day over 24,450. 

On the 30-share Sensex platform, Adani Ports, Bajaj Finserv, M&M, Eternal, and ITC settled the day higher. Meanwhile, the laggards were dominated by Kotak Mahindra Bank, SBI, Titan, IndusInd Bank, and Axis Bank.

In the broader markets, the Nifty Midcap Select dominated in green and settled 2.22 per cent higher. Sectorally, the Auto and Oil & Gas indices remained ahead of their peers and climbed 1.85 per cent and 1.70 per cent respectively by the session's closing time.

Global Markets, Oil Prices, And Foreign Inflows

In global markets, South Korea, China, Hong Kong, and Japan observed stock market holidays, while European indices traded on a mixed note. The US markets closed the session on Friday significantly higher. 

The Foreign Institutional Investors (FIIs) purchased Indian equities worth Rs 2,769.81 crore on Friday, according to exchange data. In April, the infusion from foreign investors touched Rs 4,223 crore as they turned net buyers for the first time in three months.

Vinod Nair, Head of Research, Geojit Investments Limited, explained, "The market has sustained its positive momentum, though the level of optimism has decreased. Continued foreign inflows and record GST collections in April indicate resilience in economic activity, fostering mild hopefulness. A weak dollar and a decline in oil prices have further bolstered FII sentiment.However, the market's momentum is moderating, with action shifting from broad-based movements to stock and sector-specific trends based on results."

The global oil benchmark Brent crude dropped 1.45 per cent to touch $60.40 a barrel. This decline was attributed to the additional suppy announced by OPEC+ for June.