Share Market Today: Sensex Jumps 1,133 Points; Nifty Around 24,300. Bank Stocks Gain

Share Market Today: On the 30-share Sensex platform, L&T, SBI, M&M, NTPC, UltraCemco, Reliance emerged top gainers. On the down side, JSW Steel, Infosys, and HLCTech were the only losers

Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Monday jumped sharply during early trade on positive domestic trends and a slump in selling by foreign investors. At 10.10 am, the BSE Sensex gained 1,133 points to 80,250. On the other hand, the NSE Nifty50 was trading at 24,278, rising 371 points.

Stock update

On the 30-share Sensex platform, L&T, SBI, M&M, NTPC, UltraCemco, Reliance emerged top gainers. On the down side, JSW Steel, Infosys, and HLCTech were the only losers.

In the broader markets, the Nifty Smallcap 100 gained by 1.83 per cent, while the Nifty Midcap 100 rose by 1.79 per cent.

Sectoral update

Sectorally, the market rally in early trade was driven by the Nifty Bank, Realty, and Auto indices, which soared by up to 3 per cent.

In the previous session on Friday, the BSE Sensex zoomed 1,961 points to settle at 79,117, while the NSE Nifty50 settled at 23,907, jumping 557 points.

"The ability of the market to surprise was evident in the 557 points spurt in the Nifty on Friday. This sharp upswing will continue today assisted by the super NDA performance in Maharashtra. The political message from this election is huge and highly positive from the market perspective," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

Global update

In Asian markets, Seoul and Tokyo were trading higher while Shanghai and Hong Kong were quoting lower. The US markets ended in positive territory on Friday.

Global oil benchmark Brent crude dipped 0.37 per cent to $74.89 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,278.37 crore on Friday, to exchange data.

Rupee rises 6 paise

Rupee appreciated 6 paise to 84.35 against the US dollar in morning trade on Monday, supported by a firm trend in domestic equities. Forex traders said factors like elevated Dollar Index levels, and a nearly 5 per cent surge in crude oil prices over the past week driven by the escalation of the Russia-Ukraine conflict pose significant headwinds for the USD/INR pair.

At the interbank foreign exchange, the rupee opened at 84.38 and moved in a tight range and touched 84.35 against the greenback, registering a gain of 6 paise over its previous close. On Friday, the rupee recovered from its all-time low level and appreciated 9 paise to close at 84.41 against the US dollar.