Share Market Today: Sensex Climbs 380 Points; Nifty Settles Near 25950. PSU Bank Stocks Lead
Share Market Today: On the 30-share Sensex platform, M&M, SBI, Airtel, Kotak Bank, HUL, UltraCemco emerged gainers
Share market today: The two key equity benchmarks, Sensex and Nifty, closed at their new record highs on Monday, tracking strong foreign fund inflows amid strong Asian trends. The BSE Sensex added 384 points to 84,929. On the other hand, the NSE Nifty50 closed at 25,939, rising 148 points.
Stock update
On the 30-share Sensex platform, M&M, SBI, Airtel, Kotak Bank, HUL, UltraCemco emerged gainers. On the down side, ICICI Bank, IndusInd Bank, Asian Paints, TechM, HCLTech, Infosys were among the losers.
In the broader markets, the Nifty Smallcap 100 index advanced 1.12 per cent while the Nifty Midcap 100 index gained 0.84 per cent at close.
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Sectoral update
All sectors, except Nifty IT, closed in the green, with the Nifty PSU Bank index leading the gains. The index rose by 3.41 per cent on Monday.
In the previous session on Friday, the Sensex gained 1,360 points to close at 84,544, while the Nifty 50 hit gained 375 points to 25,791.
"The charging bull got a shot of steroids from the Fed when it cut interest rates by 50 bps on September 18th. More than the rate cut, it was the Fed chief's optimistic commentary that lifted the markets sharply," V K Vijayakumar, chief investment strategist, Geojit Financial Services, said.
Foreign Institutional Investors (FIIs) bought equities worth Rs 14,064.05 crore on Friday, according to exchange data.
Global update
In Asian markets, Seoul and Shanghai settled higher, while Hong Kong ended lower. Markets in Japan were closed on Monday for a holiday. European markets were trading mixed. The US markets ended on a mixed note on Friday.
Global oil benchmark Brent crude climbed 0.09 per cent to $74.55 a barrel.
Rupee dips 1 paisa
The rupee trimmed its early gains and ended 1 paisa lower at 83.53 (provisional) against the US dollar on Monday, breaking a six-day winning streak. This was due to a stronger dollar in global markets and a rise in crude oil prices.
A decline in India's Services PMI also dampened investor sentiment, though gains in domestic equity markets helped limit the rupee's losses, according to forex traders.
The rupee had initially opened at 83.44 against the dollar, 8 paise higher than its previous close. However, it lost ground during the day, settling at 83.53 (provisional), 1 paisa down from Friday’s close of 83.52.
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