Stock Market: Sensex Rises Over 300 Points; Nifty Around 19,350 On Positive Cues. Metals, Realty Lead

Stock update: On the 30-share Sensex platform, Axis Bank, L&T, Nestle, ICICI Bank, JSW Steel, NTPC, PowerGrid emerged early gainers. On the downside, SBI, Maruti, Titan, and HUL were the losers

In the broader markets, the BSE Midcap and Smallcap indices gained 0.5 per cent each.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Monday opened higher tracking positive global sentiment following the US Fed will pause rate hikes in the near future. At 9.50 am, The S&P BSE Sensex rose 326 points to 64,689. On the other hand, the NSE Nifty50 was trading at 19,332, up 102 points.

On the 30-share Sensex platform, Axis Bank, L&T, Nestle, ICICI Bank, JSW Steel, NTPC, PowerGrid emerged early gainers. On the downside, SBI, Maruti, Titan, and HUL were the losers.

#ABPStockMarketWatch | Sensex and Nifty trade in the green amid positive globalcues, on Monday

At 9:30 AM, #Sensex rose by 366 points to 64,730 & #Nifty by 111 points to 19,342

Here's a look at the stocks in focus:#ABPLive #MarketWatch pic.twitter.com/90oB91jZSZ

— ABP LIVE (@abplive) November 6, 2023

In the broader markets, the BSE Midcap and Smallcap indices gained 0.5 per cent each.

Sectorally, all the indices are trading in the green, with capital goods, metals, and realty rose 1 per cent each.

In the previous session on Friday, the S&P BSE Sensex jumped 283 points to close at 64,364, while the NSE Nifty50 shut shop at 19,231, up 97 points.

"The market construct now is favourable for the bulls despite the uncertainty surrounding the Israel-Hamas conflict. The sharp decline in the US 10-year bond yield from the October high of 5 per cent to 4.58 per cent now is the strongest tailwind for the market," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading in the green. The US markets ended in the positive territory on Friday.

Global oil benchmark Brent crude climbed 0.37 per cent to $85.20 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 12.43 crore on Friday, according to exchange data.

Meanwhile, Indian rupee gained 5 paise to 83.15 against the US dollar in early trade on Monday, tracking positive domestic equities as risk-on sentiments prevailed in the market. Forex traders said the rupee rose after the American currency dropped from its elevated levels, following a slower-than-expected US job growth in October.

At the interbank foreign exchange, the domestic unit opened at 83.17 against the dollar and then touched an early high of 83.15, registering a gain of 5 paise over its previous close. On Friday, the rupee settled at 83.20 against the US dollar.