Stock Market: Sensex Climbs 446 Points, Reclaims 60K; Nifty Above 17,950 Ahead Of Inflation Data
Stock update: Tech Mahindra, Infosys, Bajaj Finserv, Mahindra & Mahindra, Tata Steel, and ICICI Bank were the gainers on the Sensex platform
Sensex and Nifty, the two key equity benchmarks, on Monday started on a positive note amid robust global market trends and robust foreign fund inflows. The trading momentum of the domestic indices was positive ahead of retail inflation and industrial output data, which will be announced later in the day.
At 10.15 am, the BSE Sensex climbed 446 points to 60,239. On similar lines, the broader NSE Nifty went higher by 129 points to 17,962.
On the 30-share BSE Sensex platform, Tech Mahindra, Infosys, Bajaj Finserv, Mahindra & Mahindra, Tata Steel, and ICICI Bank were the gainers. On the flip side, HDFC, Dr Reddy’s, L&T, Asian Paints, and Kotak Bank were among the laggards.
Among individual stocks, shares of Mahindra Lifespace hit 52-week high of Rs 550 per share after the company plans to buy few land parcels in FY23 for housing projects.
The broader markets, too, were upbeat in trade as Nifty Midcap 100 and Nifty Smallcap 100 rose up to 1 per cent.
All sectors opened in the green, with Nifty Media and Nifty IT indices leading the pack.
In the previous session, the BSE Sensex finally closed at 59,793.14, up 104.92 points, while the NSE Nifty ended higher by 34.60 points at 17,833.35.
“The most important bullish factor that has caused and is sustaining India's market outperformance is the strong growth recovery underway in India now. RBI's report which puts bank credit growth now running at 15.5 per cent is an endorsement of this fact. While financials will continue to be resilient, some sector rotation can be expected at this juncture. The beaten down IT segment may participate in a pullback rally,” said V K Vijayakumar, chief investment strategist, Geojit Financial Services.
Elsewhere in Asia, markets in Japan were trading in the positive zone, while bourses in China and South Korea were closed for holidays. Wall Street had ended with smart gains on Friday.
The international oil benchmark Brent crude slipped 1.38 per cent to $91.53 per barrel.
Foreign institutional investors (FIIs) were net buyers to the tune of Rs 2,132.42 crore on Friday, as per exchange data.
Meanwhile, the rupee depreciated by 10 paise to 79.67 against the US dollar in opening trade on Monday, even as the equity market opened on a positive note.
On Friday, the rupee appreciated by 12 paise to close at 79.57 against the American currency.
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