Share Market Today: Sensex Climbs Over 250 Points; Nifty Above 25K. BPCL Up 2 Per Cent

On the Nifty, BPCL shares soared 2 per cent, while Bajaj Finance emerged as the major laggard as it slipped more than 1 per cent in the morning trading hours

Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Monday began trading higher and rallied ahead in the morning hours. As of 9:30 AM, the BSE Sensex climbed more than 250 points and stood at 81,644.87, while the NSE Nifty50 jumped 83.35 points to trade at 25,047.60. 

Stock update

On the 30-share Sensex platform, L&T, JSW Steel, HDFC Bank, Tech M, and Adani Ports emerged as the early gainers. Meanwhile, Axis Bank, UltraTech Cement, Bajaj Finance, TCS, and Bajaj Finserv stood among the laggards in the market. 

On the Nifty, BPCL shares soared 2 per cent, while Bajaj Finance emerged as the major laggard as it slipped more than 1 per cent in the morning trading hours. In the broader markets, Nifty Midcap 100 and Midcap 150 slipped 0.02 per cent and 0.03 per cent respectively. The remaining indices traded in green.

Sectoral update

Meanwhile, the Nifty Media and FMCG indices dominated in red across sectors and declined 0.68 per cent and 0.17 per cent respectively. Majority of the sectors remained in green, with Metal and IT index in the lead at 0.69 per cent and 0.48 per cent respectively. 

In the previous session on Friday, the equity benchmarks ended trading on a lower note. The Sensex settled at 81,381.36, plunging 230 points, while the Nifty closed the session at 24,964.30, slipping 34.20 points.

Macro Update

Asian stocks exhibited volatility on Monday as investors tried to reach a consensus view on the economic stimulus promises made by China over the weekend without sharing any specifics about the same.

Foreign Institutional Investors (FIIs) dumped Indian equities worth Rs 4,162.66 crore on Friday, while Domestic Institutional Investors (DIIs) purchased equities worth Rs 3,730.87 crore, exchange data revealed.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, noted, "This month, through 11th October, FPIs have sold equity for Rs 58,710 crore. This massive selling didn't have a serious impact on the market since the entire FPI selling has been absorbed by DIIs who are receiving sustained fund inflows. This trend of FII selling and DII buying is likely to sustain in the near-term since Chinese stocks continue to be cheap compared to the elevated valuations in India."