Stock Market Today: Sensex Jumps 375 Points; Nifty Above 22,600. PSU Banks Dip
Stock market today: On the 30-share Sensex platform, M&M, Reliance, PowerGrid, Maruti, Axis Bank, Bajaj Finserv were among the lead gainers
The two key equity benchmarks, Sensex and Nifty, on Monday are trading in the green, tracking strong global sentiment. At 10.10 am, the BSE Sensex rose 375 points to 74,623. On the other hand, the NSE Nifty50 was trading at 22,613, up 100 points.
Stock update
On the 30-share Sensex platform, M&M, Reliance, PowerGrid, Maruti, Axis Bank, Bajaj Finserv were among the lead gainers. On the down side, Wipro, Titan, HDFC Bank, Nestle, Bajaj Finance, SBI emerged main laggards.
In the broader markets, the BSE Midcap advanced 0.38 per cent while SmallCap indices rose 0.57 per cent.
Sectoral update
Sectorally, except PSU Bank, all other indices are trading in the green. Realty gained 2 per cent. Nifty Realty, Nifty Consumer Durables, Nifty Metal, and Nifty Oil and Gas are trading higher between 0.65 per cent and 1.79 per cent.
In the previous session on Friday, the S&P BSE Sensex settled marginally higher by 21 points to 74,248, while the NSE Nifty50 closed at 22,514, up 1 per cent.
"Optimism prevails on Dalal Street as investors prioritise the anticipation of strong Q4 corporate profits in India over the Fed's rate-cut plans," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Global markets
In the Asian markets, Seoul and Tokyo experienced gains, while Shanghai and Hong Kong faced declines in trading. The week wrapped up on Wall Street with positive gains.
According to exchange data, Foreign Institutional Investors (FIIs) made significant equity purchases totaling Rs 1,659.27 crore on Friday.
Brent crude, the global oil benchmark, saw a decline of 1.61 percent, settling at $89.71 per barrel.
Rupee gains 8 paise
Meanwhile, the rupee strengthened by 8 paise to 83.23 against the US dollar in early Monday trading, supported by positive domestic equities and fresh foreign fund inflows.
Forex traders attributed this uptick in the rupee to the retreat of crude oil prices from their recent highs. However, they also noted that the strength of the US dollar in the international market placed a cap on the rupee's gains.
In the interbank foreign exchange market, the rupee opened at 83.27 against the greenback, touching 83.23 during initial trading, marking an increase of 8 paise from its previous close.
On Friday, the rupee had strengthened by 8 paise to end at 83.31 against the US dollar, following the Reserve Bank of India's decision to maintain the benchmark interest rate at 6.5 percent for the seventh consecutive time.
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