Share Market Today: Sensex Jumps 850 Points; Nifty Above 24,400. ICICI Bank Up 3%

Share Market Today: On the 30-share Sensex platform, ICICI Bank is the lead gainer, up 3 per cent. SBI, M&M, IndusInd Bank, HUL, JSW Steel are among the gainers

Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Monday jumped higher in early trade, mostly driven by ICICI Bank stocks buying and stable Asian cues. At 10.40 am, the BSE Sensex gained 857 points to 80,259. On the other hand, the NSE Nifty50 was trading at 24,412, rising 231 points.

Stock update

On the 30-share Sensex platform, ICICI Bank is the lead gainer, up 3 per cent. SBI, M&M, IndusInd Bank, HUL, JSW Steel are among the gainers. On the down side, Axis Bank, L&T, TechM, HCLTech were the only losers.

In the broader markets, the Nifty Midcap 100 advanced 0.58 per cent and the Nifty Smallcap 100 jumped 0.56 per cent.

Sectoral update

Among sectors, bank, metal, media rose 1 per cent each. 

In the previous session on Friday, the BSE Sensex lost 663 points to 79,402, while the NSE Nifty50 ended at 24,180.80, dropping 219 points.

Global update

In Asian markets, Seoul, Tokyo, and Shanghai were trading higher, while Hong Kong quoted lower. The US markets ended on a mixed note on Friday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,036.75 crore on Friday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 4,159.29 crore, according to exchange data.

Global oil benchmark Brent crude eased 4.38 per cent to $72.72 a barrel.

Rupee rises 1 paisa

The rupee witnessed range-bound trade and appreciated by just 1 paisa to 84.07 against the US dollar in initial deals on Monday, weighed down by significant foreign fund outflows and the strength of the American currency in the overseas market.

Forex traders said the rupee is likely to trade in a narrow range during the day as the strong dollar weighed on the local unit, while positive domestic equities, weak crude oil prices and any intervention by the Reserve Bank of India (RBI) may also support the local currency at lower levels.

At the interbank foreign exchange, the rupee opened at 84.08 against the greenback. In the initial trade, it touched 84.07, registering a rise of 1 paisa over its previous close.

On Friday, the rupee edged lower by just 1 paisa to settle near an all-time low at 84.08 against the US dollar. The local currency touched its lowest closing level of 84.10 against the dollar on October 11.