On Monday, the benchmark equity indices, Sensex and Nifty, rebounded from their two-day falling streak, closing over half a per cent higher. This surge was fueled by buying in major index stocks such as Reliance Industries and Tata Consultancy Services, as well as positive global trends.
The 30-share BSE Sensex gained 367.47 points or 0.56 per cent, settling at 66,527.67. Initially opening lower, it bounced back from early lows and reached a high of 66,598.42, driven by advances in power, oil, IT, and FMCG shares.
The NSE Nifty climbed 107.75 points or 0.55 per cent, closing at 19,753.80.
Among the Sensex companies, NTPC stood out with a nearly 4 per cent jump after posting over a 23 per cent rise in consolidated net profit for the April-June quarter of 2023-24.
Other major gainers included Power Grid, Tech Mahindra, Tata Steel, Tata Consultancy Services, Wipro, Maruti, and JSW Steel.
However, some companies experienced declines, including Bajaj Finance, Kotak Mahindra Bank, Hindustan Unilever, ITC, Bharti Airtel, and Asian Paints.
Asian markets, including Seoul, Tokyo, Shanghai, and Hong Kong, closed in the green, while European markets were trading mixed. The US markets had a positive finish on Friday.
Vinod Nair, Head of Research at Geojit Financial Services, attributed the rally in Indian indices to global market trends, driven by cooling inflation worldwide, which raised hopes of an end to the policy tightening era. The Eurozone’s inflation slowing for the third consecutive month in July and the economy growing by 0.3 per cent during the June quarter, slightly surpassing market expectations, added to the positive sentiment.
Additionally, the global oil benchmark Brent crude rose 0.25 per cent to USD 85.20 per barrel.
Foreign institutional investors (FIIs) offloaded equities worth ₹1,023.91 crore on Friday, as per exchange data.
On Friday, the BSE benchmark had fallen by 106.62 points or 0.16 per cent to settle at 66,160.20, while the Nifty declined 13.85 points or 0.07 per cent, finishing at 19,646.05. However, the positive turnaround on Monday brought hope for further gains in the market.
