Share Market Today: Sensex Rises 612 Points; Nifty Settles Above 25K. IT, Metals Lead
Share Market Today: On the 30-share Sensex platform, HCLTech, NTPC, Bajaj Finserv, TechM, JSW Steel, Titan emerged gainers
Share market today: The two key equity benchmark indices, Sensex and Nifty, on Monday closed on a higher note amid rising optimism that the US Federal Reserve may soon begin lowering interest rates and foreign fund inflows. The BSE Sensex gained 612 points to settle at 81698. On the other hand, the NSE Nifty50 settled at 25,010, up 187 points.
Stock update
On the 30-share Sensex platform, HCLTech, NTPC, Bajaj Finserv, TechM, JSW Steel, Titan emerged gainers. On the down side, Adani Ports, Maruti, Kotak Bank, HUL, Sun Pharma, IndusInd Bank were among the losers.
In the broader markets, the BSE Midcap index was advanced 0.5 per cent and Smallcap index rose 0.2 per cent.
Sectoral update
Sectorwise, all the indices closed in the green with, Information Technology, Metal, Oil & Gas, Realty jumped 1-2 per cent.
In the previous session on Friday, the BSE Sensex settled at 81,086, up 33 points, while the NSE Nifty50 closed at 24,823, rising by 12 points.
"The Fed chief Powell's clear message of the beginning of the rate cutting cycle will impart further resilience to the ongoing global rally in stock markets," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
Global update
In Asian markets, Shanghai and Hong Kong settled in the positive territory, while Seoul and Tokyo ended lower. European markets were trading mostly lower. The US markets ended with significant gains on Friday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,944.48 crore on Friday, according to exchange data.
Global oil benchmark Brent crude climbed 1.08 per cent to $79.87 a barrel.
Rupee settles flat
The rupee pared its initial gains and settled for the day on a flat note, rising just 1 paisa to 83.89 (provisional) against the American currency on Monday, weighed down by a surge in crude oil prices. Forex traders said the Indian rupee gained in morning trade on rise in domestic markets and a weak US Dollar. However, a surge in crude oil prices capped sharp gains for the local unit.
At the interbank foreign exchange market, the local unit opened at 83.83 and touched an intra-day high of 83.80 against the US dollar and a low of 83.91. The domestic currency finally settled at 83.89 (provisional), 1 paisa higher from its previous close.
On Friday, the rupee traded in a narrow range and settled higher by 3 paise at 83.90 against the American currency.
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