Stock Market Rallies In Morning Trade: Sensex Rises 515 Points, Nifty Above 18,200. Auto, Financials Gain

Stock update: On the 30-share Sensex platform, barring Sun Pharma, Asian Paints, and L&T, rest were all trading in the green, with IndusInd Bank was the lead gainer, up 5 per cent

In the broader markets, the BSE Midcap and Smallcap indices rose up to 0.4 per cent.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Monday opened higher tracking positive global cues, with the US equities on Friday posted sharp gains. At 9.55 am, the BSE Sensex surged 515 points to 61,569. On the other hand, the NSE Nifty50 gained 138 points to 18,207.

On the 30-share Sensex platform, barring Sun Pharma, Asian Paints, and L&T, rest were all trading in the green, with IndusInd Bank was the lead gainer, up 5 per cent. Kotak Bank, Bajaj twins, Axis Bank, M&M, HDFC were among the lead gainers.

#ABPLiveStockMarketWatch |The equity benchmarks opened higher on Monday early trade.

At 09:40 AM, #Sensex went up by 425 points to 61,479 & #Nifty by 118 points to 18,187

Here's a look at the stocks in focus:#StockMarket #StockMarketPrices #Trading #Stock pic.twitter.com/pUBj4cHxlT

— ABP LIVE (@abplive) May 8, 2023

Shares of Aditya Birla Fashion and Retail and TCNS Clothing cracked 6 per cent and 17 per cent, respectively, after the former signed a pact to acquire 51 per cent stake in TCNS Clothing for Rs 1,650 crore.

In the broader markets, the BSE Midcap and Smallcap indices rose up to 0.4 per cent.

Among sectors, Nifty Auto, Financials, Realty, and Private Bank indices gained the most, up around 1 per cent each. Nifty PSB index, meanwhile, tumbled 1 per cent.

In the previous session on Friday, the S&P BSE Sensex tanked to a low of 61,002 towards the fag end of the trading session, while finally closed with a significant loss of 695 points at 61,054. On the other hand, the Nifty 50 lost 187 points at 18,069.

"Cues from the mother market US indicate that the fears from the regional banking crisis are receding. The April US jobs data, which came at a much better-than-expected 2,53,000 jobs reflect a strong economy which may even avoid a recession. FIIs have been continuous buyers in India during the last seven trading sessions, cumulatively buying equity worth Rs 11,700 crore," said V K Vijayakumar, chief investment strategist, Geojit Financial Services.

In Asian markets, Seoul, Shanghai, and Hong Kong were trading with gains, while Tokyo quoted lower. The US markets had ended with significant gains on Friday.

Foreign Institutional Investors (FIIs) were net buyers on Friday also as they bought equities worth Rs 777.68 crore, according to exchange data.

Global oil benchmark Brent crude climbed 0.08 per cent to $75.36 per barrel.

Meanwhile, the rupee gained 8 paise to 81.70 against the US dollar in early trade on Monday tracking the weakness of the American currency in the overseas market. Forex traders said significant foreign fund inflows and crude oil prices below $75 a barrel also supported the local unit.

At the interbank foreign exchange, the domestic unit opened strong at 81.76 against the dollar and then rose to 81.70, registering a rise of 8 paise over its previous close. On Thursday, the rupee closed at 81.78 against the US currency. The forex market was shut on Friday on account of Buddha Purnima.