Share Market Today: Sensex Rallies Over 500 Points, Nifty Crosses 24,300
On the 30-share Sensex platform, PowerGrid, Tata Motors, TCS, HCL Tech, and Maruti emerged gainers. On the flip side, Asian Paints, M&M, Tata Steel, JSW Steel, and Adani Ports stood among the laggards
Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Monday began trading on a lower note. As of 9:30 AM, the BSE Sensex declined 126 points to trade at 79,360.15, while the NSE Nifty50 fell nearly 50 points to 24,101.20.
As the trading session progressed, the indices pared their gains and attempted a rally. Around 11 AM, the Sensex climbed almost 400 points and traded near 79,900 at 79,885.93, while the Nifty jumped more than 100 points to touch 24,262.25 in the session.
Stock update
On the 30-share Sensex platform, PowerGrid, Tata Motors, TCS, HCL Tech, and Maruti emerged gainers. On the flip side, Asian Paints, M&M, Tata Steel, JSW Steel, and Adani Ports stood among the laggards.
In the broader markets, the Nifty Next 50 soared ahead and traded 0.80 per cent higher. Meanwhile, the Nifty Microcap 250 declined 0.44 per cent in the day.
Sectoral update
Amongst the sectors, the Nifty Metal and Media indices traded in red at 0.50 per cent and 0.42 per cent respectively. On the other hand, the IT index jumped 1.45 per cent in the morning session.
Foreign Institutional Investors (FIIs) dumped Indian equities worth Rs 3,404.04 crore on Friday, according to exchange data.
Global oil benchmark Brent crude slumped 0.42 per cent to $73.56 a barrel. In the last trading session on Friday, the Sensex dipped 55.47 points or 0.07 per cent to close at 79,486.32, while the Nifty declined a little over 50 points to settle at 24,148.20.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, noted, "The sustained rally in the US markets which have taken the Dow and S&P 500 above 40,000 and 6,000 respectively is no longer a tailwind for Indian markets. In India, in contrast, worse-than-expected earnings downgrades for FY25 are weighing on stock prices favouring the bears in the near-term."
Forex traders noted that equity market is expected to be volatile in the short-term and consolidation is likely to continue in the near-term with a weak bias.
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