Indian equity markets opened on a strong note on Friday, with both Sensex and Nifty surging in early trade, buoyed by renewed optimism over a possible India-US trade deal, record-high GST collections in April, and consistent foreign fund inflows. A positive trend across global markets also added to the bullish sentiment. According to PTI, the 30-share BSE Sensex jumped 500.81 points to reach 80,743.05 in early trade, while the NSE Nifty rose 110.65 points to 24,444.85. As the session progressed, the Sensex further climbed by 816.41 points, hitting 81,064.47, and the Nifty advanced 222.30 points to touch 24,556.50. Among the top gainers from the Sensex pack was Adani Ports, which soared nearly 5 per cent after reporting a 50 per cent year-on-year increase in net profit for the March quarter. The company also forecast stronger revenue growth for the current financial year, citing increased port activity and strong performance in its logistics segment. Other major gainers included Maruti, IndusInd Bank, Axis Bank, ICICI Bank, Eternal and Mahindra & Mahindra. On the other hand, shares of Nestle, Titan, Bajaj Finserv and Hindustan Unilever declined during the session. As per PTI, the market's continued resilience has been largely supported by robust foreign institutional investor (FII) activity. FIIs have been net buyers for eleven straight trading sessions, pumping in a total of Rs 37,375 crore during this period. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said that the ongoing FII buying was encouraged by a weaker US dollar, signs of slowing growth in the US, declining interest rates in India, and lower crude oil prices. He also pointed to a high possibility of India becoming one of the key ‘allies’ to enter into early trade deals with the US, which could further boost investor confidence. April’s Goods and Services Tax (GST) collection touched a record Rs 2.37 lakh crore, marking a 12.6 per cent increase compared to the previous year. According to PTI reports, the government sees this as a sign of the Indian economy’s resilience and the success of cooperative federalism. Vikas Jain, Head of Research at Reliance Securities, said that domestic markets remained upbeat due to continued FII inflows, strong corporate earnings, record GST collections, and oil prices falling to a three-month low of USD 61 per barrel. In the broader Asian markets, South Korea’s Kospi, Tokyo’s Nikkei 225, and Hong Kong’s Hang Seng were trading higher, while China’s Shanghai Composite Index edged slightly lower. US markets had also ended in the green on Thursday. Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, noted that record GST figures, renewed FII activity, and the positive cues from global markets such as the Dow Jones’ eight-day rally, were all fuelling optimism. He added that markets received an extra boost after China indicated a willingness to engage in fresh tariff talks. Brent crude, the global oil benchmark, rose by 0.69 per cent to USD 62.56 per barrel. Meanwhile, FIIs were net buyers on Wednesday, purchasing equities worth Rs 50.57 crore, as per exchange data. Stock markets were closed on Thursday for Maharashtra Day. On Wednesday, the Sensex had ended 46.14 points lower at 80,242.24, while the Nifty had slipped marginally by 1.75 points to 24,334.20. (With inputs from PTI)
02 May,2025 11:23 AM IST | Mumbai | mid-day online correspondentMumbai has recorded its highest-ever property registration figures for the January to April period in 2025, defying global economic challenges and geopolitical tensions, according to ANI. Data sourced from the Maharashtra State Revenue Department and analysed by real estate consultancy ANAROCK reveals that both the number of registered properties and the revenue generated in Mumbai have reached unprecedented levels. As per ANI, between January and April 2025, a total of 52,896 properties were registered in the city marking an 8 per cent increase over the 48,819 properties registered in the same period in 2024. The total revenue collected by the government from these registrations stood at an impressive Rs 4,633 crore, representing a 21 per cent increase over the Rs 3,836 crore collected in the corresponding period last year. Of particular note is the performance in April 2025, which saw the highest number of property registrations in any April since 2019. Over 13,080 properties were registered last month, a 12 per cent rise over the 11,648 registrations recorded in April 2024. Revenue collection for the month reached approximately Rs 1,115 crore—around 5 per cent more than April last year. Interestingly, this surge comes at a time when overall housing sales across the Mumbai Metropolitan Region (MMR) were relatively subdued. ANAROCK’s research indicates that residential unit sales in Mumbai during Q1 2025 stood at 21,930 units—down by about 28 per cent compared to Q1 2024. Anuj Puri, Chairman of the ANAROCK Group, attributed this surge in registrations to a significant spike in activity during March 2025. "March alone saw 15,501 properties registered, which substantially boosted the overall numbers for the first four months. This spike coincided with the announcement of a 3.9 per cent hike in Maharashtra’s ready reckoner rates for the financial year 2025–26," he noted. This rush to register properties ahead of the rate hike suggests that buyers acted quickly to avoid increased costs, thereby accelerating transactions during that period. Despite challenges in the broader real estate market, Mumbai's resilience and robust demand continue to position it as a key player in India’s property sector. (With inputs from ANI)
01 May,2025 02:59 PM IST | MumbaiAdani Ports and Special Economic Zone (APSEZ) on Thursday reported a 50 per cent rise in its consolidated net profit to Rs 3,023.10 crore in the March quarter, on account of higher income. It had posted a net profit of Rs 2,014.77 crore in the January-March period of preceding 2023-24 fiscal, the company said in a regulatory filing. The company's total income rose to Rs 8,769.63 crore from Rs 7,199.94 crore in the year-ago quarter. Expenses stood at Rs 5,382.13 crore during the period under review against Rs 4,450.52 crore in the fourth quarter of FY24. For the entire FY25, net profit rose to Rs 11,061.26 crore from Rs 8,103.99 crore in FY24. This story has been sourced from a third party syndicated feed, agencies. Mid-day accepts no responsibility or liability for its dependability, trustworthiness, reliability and data of the text. Mid-day management/mid-day.com reserves the sole right to alter, delete or remove (without notice) the content in its absolute discretion for any reason whatsoever
01 May,2025 01:32 PM IST | New Delhi | PTIArun Khurana, Deputy Chief Executive Officer and Whole-Time Director at IndusInd Bank, has tendered his resignation with immediate effect, following the discovery of significant accounting lapses within the bank’s treasury operations, which have resulted in a Rs 1,960 crore impact on its profit and loss accounts for the fiscal year ending March 2025. Khurana, who had oversight of the bank’s Treasury Front Office function, cited the recent developments as the reason for stepping down. In his resignation letter addressed to the bank’s board on Monday, he stated: “Considering the recent unfortunate developments, wherein the Bank determined an adverse accounting impact on P&L, on account of incorrect accounting for internal derivative trades, I, having oversight of the Treasury Front office function, as the Whole-Time Director, Deputy CEO and a part of Senior Management of the bank, hereby resign, effective immediately.” IndusInd Bank formally acknowledged the resignation in a stock exchange filing made on Monday evening, confirming that Khurana’s departure was effective from April 28 2025. As per PTI, the accounting discrepancies originated from the internal derivative portfolio and were first brought to light earlier this month. The bank had appointed an independent external auditor to conduct a detailed investigation, which concluded that the cumulative adverse impact on profit and loss stands at Rs 1,959.98 crore as of March 31. This figure aligns with earlier disclosures made by the bank on April 15. In addition, a separate report by another external agency, the findings of which were disclosed on April 15, noted that the derivative portfolio lapses would lead to a negative effect of Rs 1,979 crore on the bank’s net worth. The bank estimated that this equates to an adverse impact of approximately 2.27 per cent post-tax, as measured against its net worth in December 2024. Khurana has assured the board of his cooperation during the transition process and expressed gratitude for the opportunities afforded to him throughout his tenure at the institution. “Lastly, I would like to take this opportunity to thank and appreciate the Board in believing and entrusting me with responsibilities through my career with the Bank, and I wish the Bank all the best for the future,” his letter added. The accounting irregularities have come as a significant blow to the private sector lender, raising concerns over internal controls and governance practices. While the bank has not indicated any further leadership changes at present, regulatory scrutiny is expected to intensify in the coming weeks as the implications of the lapse are fully assessed. IndusInd Bank has not yet released detailed findings from the audit reports but has committed to implementing measures to prevent recurrence of such discrepancies in the future. (With inputs from PTI)
29 April,2025 06:19 PM IST | Mumbai | mid-day online correspondentIndian equity benchmarks opened on a cautious note on Wednesday, reflecting tepid global cues and uncertainty surrounding tariff developments in the United States. As per ANI, the broader sentiment remained restrained, despite recent gains, owing to fresh concerns regarding potential trade barriers. At the start of trade, the BSE Sensex was down by 119.60 points, or 0.16 per cent, settling at 76,615.29. Simultaneously, the NSE Nifty slipped by 36.35 points or 0.16 per cent to open at 23,292.20. According to ANI, among the major gainers in early trade were Shriram Finance, IndusInd Bank, Apollo Hospitals, Kotak Mahindra Bank and Axis Bank. On the other hand, key laggards included Infosys, Maruti Suzuki, Tech Mahindra, Tata Consumer Products, and Cipla. Akshay Chinchalkar, Head of Research at Axis Securities, noted that Tuesday's trading session formed a ‘hanging man’ candlestick pattern on the charts, a potential indicator of slowing momentum. “Immediate support lies at 23,207, while resistance is expected in the 23,400–23,500 zone. Bulls must protect the crucial 22,924 level to keep the rally alive towards the recent swing high of 23,870,” he stated. As per ANI reports, Ajay Bagga, a market and banking analyst, highlighted that Indian markets currently remain around 12 per cent below their all-time highs recorded in late September. Broader indices have experienced deeper corrections. “There was a noteworthy uptick in foreign portfolio investments (FPIs) in the cash segment recently, which has lifted all indices. The domestic currency has also shown signs of strengthening,” Bagga said. He further added that sustained buying interest from FPIs, coupled with healthy domestic investor participation, could act as a catalyst for a renewed surge in Indian equities. The upcoming earnings season and further guidance on global trade will also be closely monitored by investors. According to ANI, Bagga pointed out that recent comments from US officials suggest that the 20 per cent 'reciprocal' tariffs, previously lowered to 10 per cent under the Trump administration are unlikely to be completely rolled back. These tariffs, especially those on automobiles and metals, continue to loom over global trade prospects. Market experts are closely watching developments between the US and China, particularly following the US Commerce Department’s decision to launch an investigation into pharmaceutical and semiconductor imports. This move could potentially result in additional tariffs, which would weigh on global sentiment. (With inputs from ANI)
17 April,2025 11:10 AM IST | Mumbai | mid-day online correspondentThe Indian real estate market has shown mixed trends as affordable housing stock has witnessed a significant decline, while luxury housing has experienced a notable increase in unsold inventory, as per the latest research by ANAROCK. The unsold stock in the affordable housing segment, priced below Rs 40 lakh, has fallen by 19 per cent year-on-year, from around 1.40 lakh units by the end of Q1 2024 to approximately 1.13 lakh units by the end of Q1 2025. In contrast, the luxury housing market, which typically caters to homes priced above Rs 1.5 crore, has seen a 24 per cent rise in unsold units. From 91,125 unsold units at the end of Q1 2024, the number has surged to over 1.13 lakh units by Q1 2025, highlighting a significant uptick in supply despite a cautious investor sentiment and global economic uncertainties. City-wise performance The shift in demand across cities paints a varied picture. Among the major cities, Bengaluru led the decline in affordable housing stock, seeing the steepest drop of 51 per cent. Chennai followed with a 44 per cent decrease, while Hyderabad was the only city to register an increase in affordable housing stock, with a 9 per cent rise. The surge in Hyderabad’s affordable stock saw it climb to approximately 1,815 unsold units by Q1 2025, in stark contrast to the declines seen in other cities. In terms of the luxury housing market, Chennai and Pune were the only cities to see a decrease in unsold stock. Chennai experienced a 4 per cent drop in its luxury housing inventory, while Pune saw an 11 per cent decline. On the other hand, the remaining five cities - NCR (National Capital Region), MMR (Mumbai Metropolitan Region), Kolkata, Hyderabad, and Bengaluru - saw an increase in their unsold luxury housing stock, reflecting the growing supply in this segment. Affordable housing The affordable housing segment, which had been severely impacted by the pandemic, has seen a steady decline in unsold stock over the past year. According to ANAROCK data, the total unsold inventory in affordable housing across the top seven cities has reduced from 1.40 lakh units at the end of Q1 2024 to 1.13 lakh units at the end of Q1 2025. The reduction of 19 per cent in unsold units signals that there is sustained demand from end-users, even as the supply in this category remains restricted. Bengaluru has shown the most remarkable recovery in the affordable housing category, with a sharp 51 per cent annual decline in unsold stock. Chennai followed closely, registering a 44 per cent reduction. Hyderabad bucked the trend with a modest 9 per cent increase, suggesting a growing appetite for affordable housing in this market. Luxury housing On the other hand, the luxury housing segment saw a surge in unsold inventory over the same period, rising by 24 per cent. From approximately 91,125 unsold units at the end of Q1 2024, the unsold stock of luxury housing increased to over 1.13 lakh units by Q1 2025. This increase is largely attributed to the substantial addition of new supply in the market, even as demand from investors and high-net-worth individuals (HNIs) remains cautious due to global economic uncertainty. Cities such as NCR saw a substantial 78 per cent increase in unsold luxury housing stock, while Bengaluru also experienced a significant 57 per cent rise in luxury unsold units. Kolkata witnessed the most dramatic growth in luxury housing, with a 96 per cent increase in unsold stock. Despite this, Chennai and Pune experienced a decline in luxury stock, with reductions of 4 per cent and 11 per cent, respectively, as demand for this segment remained relatively tepid. Mid and premium housing segments The mid-segment housing (priced Rs 40-80 lakh) also showed a decline in unsold stock, down by 10 per cent from approximately 1.75 lakh units at the end of Q1 2024 to around 1.58 lakh units by Q1 2025. Meanwhile, the premium segment (priced INR 80 lakh to INR 1.5 crore) saw its unsold stock remain largely unchanged during the same period, indicating stable demand in this category despite a slight dip in supply. Market outlook The overall unsold stock across all budget categories in the top seven cities declined by just 4 per cent during the period, from 5.81 lakh units at the end of Q1 2024 to 5.60 lakh units by the end of Q1 2025. This indicates a mixed recovery, with some segments (affordable housing) seeing improvements, while others (luxury housing) are dealing with an increase in unsold inventory. Anuj Puri, Chairman of ANAROCK Group, pointed out that the affordable housing segment bore the brunt of the pandemic's fallout. Sales and new launches were severely impacted, with the share of affordable housing sales dropping from 38 per cent in 2019 to just 18% in 2024. Similarly, the supply share for affordable housing fell from 40 per cent to 16 per cent in the same period. However, Puri noted that the 19 per cent decline in unsold stock suggests that demand is holding steady, driven largely by end-users. In contrast, the luxury housing segment experienced a sharp rise in unsold stock despite robust demand in previous years. Puri attributed this to an increase in new supply and more cautious investor sentiment amid global uncertainties.
14 April,2025 01:39 PM IST | Mumbai | mid-day online correspondentTo strengthen India's financial ecosystem, the Governor of the Reserve Bank of India (RBI), Sanjay Malhotra, announced six additional measures focused on banking regulations, fintech and payment systems on Wednesday. These initiatives were revealed by the RBI governor while announcing the Monetary Policy initiatives. This will complement the existing Asset Reconstruction Company (ARC) route under the SARFAESI Act, 2002, and aim to deepen the secondary market for distressed loans. Currently, co-lending arrangements are restricted to only priority sector loans by banks and Non-Banking Financial Companies (NBFCs), but they will now be extended to all regulated entities for all loans, priority sector or otherwise. According to ANI, the RBI will issue comprehensive prudential and conduct regulations for gold loans to ensure consistency across regulated entities and account for their varying risk-bearing capacities. The central bank also plans to harmonise the regulations governing non-fund-based credit facilities, such as bank guarantees and letters of credit, across financial institutions. Additionally, the RBI intends to revise guidelines on partial credit enhancement (PCE), a step aimed at expanding funding avenues for infrastructure projects. Draft guidelines for the above four proposals are released for public consultation, with final frameworks to be issued following stakeholder feedback. The fifth announcement is that the National Payments Corporation of India (NPCI) will be empowered to set transaction limits for Unified Payments Interface (UPI) person-to-merchant transactions in consultation with banks and relevant stakeholders, which will benefit higher-value digital payments in the retail ecosystem, as per ANI. To promote continuous innovation, the RBI will make its Regulatory Sandbox framework theme-neutral and 'on tap'. This will enable FinTech and other entities to apply at any time without waiting for themed cohorts, encouraging more agile experimentation and faster adoption of emerging technologies. The RBI Governor stated, "The other two announcements relate to enabling NPCI to decide, in consultation with the banks and other stakeholders, the transaction limits in UPI for person to merchant transactions; and making the Regulatory Sandbox theme-neutral and 'on-tap. ' Necessary directions for the implementation of these two measures shall be issued separately," reported ANI. (With inputs from ANI)
09 April,2025 01:16 PM IST | Mumbai | mid-day online correspondentThe Reserve Bank of India (RBI) has cut the benchmark repo rate by 25 basis points, bringing it down from 6.25 per cent to 6 per cent. The announcement was made following a three-day meeting of the Monetary Policy Committee (MPC) that concluded on 9 April. As per ANI, this is the second consecutive rate reduction this year, following a similar 25-bps cut in February. RBI Governor Sanjay Malhotra stated that the decision was unanimous and aimed at supporting economic revival amid global headwinds. “After a detailed assessment of the evolving macroeconomic and financial conditions and outlook, the MPC voted unanimously to reduce the policy repo rate by 25 basis points to 6 per cent with immediate effect,” said Malhotra. The Governor highlighted the volatile global economic environment, noting that trade tariffs and geopolitical uncertainties have intensified pressures on inflation and growth across regions. “The global economic outlook is fast changing. Recent trade tariff-related measures have exacerbated uncertainties, clouding the economic outlook across regions, posing new headwinds for global growth and inflation. Amidst this turbulence, the US dollar has weakened appreciably,” he observed. Domestically, Malhotra mentioned that while growth in India is recovering after a sluggish first half of FY 2024–25, it remains below desirable levels. “Growth is improving, although it still remains lower than what we aspire for,” he added. In line with the repo rate revision, the RBI also adjusted the key rates under the Liquidity Adjustment Facility (LAF). As per ANI reports, the Standing Deposit Facility (SDF) rate now stands at 5.75 per cent, while both the Marginal Standing Facility (MSF) rate and the Bank Rate have been revised to 6.25 per cent. On the inflation front, the central bank painted a more positive picture. The MPC acknowledged a notable dip in food inflation and projected a durable alignment of headline inflation with the 4 per cent target over the next year. “There is now greater confidence of a durable alignment of headline inflation with the target,” Malhotra noted. In reaction to the announcement, Anuj Puri, Chairman of ANAROCK Group, said the move was broadly anticipated due to moderating inflation levels. However, he cautioned that home loan borrowers may not see immediate relief unless banks choose to pass on the benefit of these cuts. “Many banks have not transmitted earlier MPC rate cuts to borrowers due to higher funding costs, net interest margin pressures, and cautious lending sentiment,” he stated. According to ANAROCK Research, housing prices have continued to rise, with Q1 2025 witnessing a year-on-year average increase of 17 per cent across the top seven cities. NCR and Bengaluru saw the steepest rises at 34 per cent and 20 per cent, respectively. Puri added that if lenders do pass on the benefit, it could significantly encourage first-time homebuyers, especially in the affordable housing segment. He advised existing borrowers to negotiate lower rates or consider transferring their home loans but warned that relief could be partial at best. “Any EMI reduction should ideally be used for prepayment or investment, rather than increased consumption,” he advised. (With inputs from ANI)
09 April,2025 11:13 AM IST | Mumbai | mid-day online correspondentIndian equity markets remained closed on Friday, March 14, in observance of Holi 2025, the festival of colours, which is celebrated across the country, reported ANI. The holiday marks the arrival of spring and has resulted in a pause in trading activities on the domestic stock exchanges. ANI reported that the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) announced the closure of all market segments, including derivatives, securities lending and borrowing (SLB), equity, currency trading, and electronic gold receipts (EGR). The Holi 2025 holiday has shortened the trading week, giving market participants additional time to strategise their next moves when trading resumes on Monday, March 17. On Thursday, the Indian stock markets closed on a negative note. ANI reported that NSE Nifty ended at 22,397.20, down by 73.30 points or 0.33 per cent. Similarly, the BSE Sensex followed the downward trend and closed at 73,828.91, falling over 200 points or 0.27 per cent. According to ANI, the major gainers at the NSE on Thursday included Bharat Electronics, SBI, ICICI Bank, Cipla, and NTPC. On the other hand, the biggest losers were Shriram Finance, Tata Motors, Hero MotoCorp, IndusInd Bank, and Hindalco Industries. On the BSE, both the Midcap and Smallcap indices declined by 0.5 per cent each. Sector-wise, auto, IT, metal, media, and realty stocks traded in the red, recording losses between 0.5 to 1 per cent. However, the PSU Bank index saw a modest rise of 0.5 per cent. Market sentiment throughout the week remained mixed as investors responded to both global and domestic economic signals. ANI reports that US inflation data (CPI) came in lower than expected, providing some support to the US stock markets, which had been down by three per cent earlier. This small recovery in US markets had a positive influence on some developing markets as well. On the domestic front, Indian inflation eased due to a decline in food prices. Additionally, the Index of Industrial Production (IIP) exceeded market expectations, reflecting stronger industrial performance. Market analysts believe that as trading resumes next week, investors will closely watch global market developments and domestic economic indicators to assess the future direction of the market. The holiday break is expected to give traders time to recalibrate their strategies based on these factors. (With inputs from ANI)
14 March,2025 11:04 AM IST | Mumbai | mid-day online correspondentIndusInd Bank shares plunged by 23% in early trade on Tuesday, hitting a 52-week low, following the private lender's disclosure of discrepancies in its derivatives portfolio. The stock extended its losing streak for the fifth consecutive session, becoming the biggest drag on the Sensex. On the BSE, IndusInd Bank’s stock tanked 22.8%, reaching the lower circuit at ₹695.25 per share, marking its lowest level in the past year. Similarly, the stock plummeted by 21.67% on the National Stock Exchange (NSE), touching a 52-week low of ₹705.35 apiece. According to PTI reports, the sharp decline made IndusInd Bank the worst-performing stock among the 30 constituents of the BSE Sensex. The broader market was also under pressure, with the Sensex falling 255 points, or 0.34%, to 73,860.17. Meanwhile, the NSE Nifty dropped 47.65 points, or 0.21%, to 22,412.65 in early trade. The steep sell-off followed the bank’s regulatory filing on Monday, where IndusInd Bank reported that an internal review had uncovered certain discrepancies in the account balances of its derivatives portfolio. The Mumbai-based lender stated that the review was conducted in line with the Reserve Bank of India’s (RBI) directives issued in September 2023 regarding the investment portfolios of banks, specifically concerning ‘Other Asset and Other Liability’ accounts. According to the bank’s statement, the internal assessment revealed that the adverse impact of the discrepancies could be around 2.35% of the bank's net worth as of December 2024. This translates to an estimated hit of approximately ₹1,500 crore, according to market experts. Following the disclosure, IndusInd Bank held an analyst call to address concerns. The bank confirmed that an external auditor has been engaged to conduct an independent review of the matter, with the report expected to be finalised by the end of March 2024. Despite the negative development, IndusInd Bank sought to reassure investors by stating that the bank's overall profitability and capital adequacy remain healthy enough to absorb the one-time impact from the discrepancies. The stock had already faced pressure on Monday, closing nearly 4% lower after the RBI’s decision to extend the tenure of the incumbent CEO by only one year. The bank had reportedly sought a three-year extension. Market analysts believe that the combination of governance concerns, the RBI’s cautious approach on leadership tenure, and the uncertainty around the derivatives portfolio have contributed to the sharp fall in IndusInd Bank’s stock. "The discovery of discrepancies in the derivatives portfolio raises concerns about the bank's internal controls and could impact investor confidence in the short term," said a financial expert quoted by PTI. As per PTI reports, the steep fall in IndusInd Bank's stock reflects broader market nervousness, with investors remaining cautious about the potential financial and reputational fallout from the derivatives issue. The coming weeks are expected to be critical as the external auditor's report could provide further clarity on the extent of the problem and its long-term impact on the bank's financial health. IndusInd Bank’s management has assured investors that corrective measures are already being implemented to prevent such discrepancies from occurring in the future. However, market sentiment is likely to remain fragile until the final audit report is released. (With inputs from PTI)
11 March,2025 01:24 PM IST | MumbaiAfter a prolonged downturn lasting five consecutive sessions, equity benchmark indices Sensex and Nifty witnessed a rebound in early trade on Tuesday, buoyed by value buying at lower levels. The 30-share BSE Sensex climbed 117.57 points to reach 74,571.98 in initial trade, while the NSE Nifty advanced by 31.3 points to 22,584.65. As trading progressed, the Sensex further surged 272.39 points, reaching 74,725.89, and the Nifty moved up by 47.45 points to 22,600.80. Among the top gainers in the Sensex pack were Mahindra & Mahindra, Zomato, Adani Ports, Bajaj Finserv, Bajaj Finance, and Bharti Airtel. Conversely, Power Grid, Larsen & Toubro, Sun Pharma, and NTPC were among the laggards. Over the past five trading sessions, the BSE benchmark had suffered a decline of 1,542.45 points, or 2 per cent, while the Nifty dropped by 406.15 points, or 1.76 per cent, as per PTI reports. According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, "The market is currently oversold, large-cap valuations are reasonable, and short positions are substantial. This scenario sets the stage for a potential rebound, particularly if short-covering takes place. However, the core concern remains the unrelenting selling pressure from foreign institutional investors (FIIs) in the cash market." He further stated that domestic institutional investors (DIIs) have played a crucial role in preventing a deeper downturn, despite sustained FII selling. "The uncertainty surrounding Trump tariffs will continue to weigh on global markets," he added. Exchange data reveals that FIIs offloaded equities worth Rs 6,286.70 crore on Monday, while DIIs absorbed Rs 5,185.65 crore in domestic equities, mitigating some of the downward pressure. Prashanth Tapse, Senior Vice President (Research) at Mehta Equities Ltd, expressed concerns over the magnitude of FII selling. "With FIIs having sold over Rs 6,000 crore worth of Indian equities on Monday alone and offloading more than Rs 1 lakh crore since the beginning of this year, there is growing apprehension about how long domestic inflows can continue to offset overseas investor exits," he stated. In the broader Asian markets, indices in Seoul, Tokyo, Shanghai, and Hong Kong were trading lower, following weak global cues. Meanwhile, US markets closed mostly in negative territory on Monday. On the commodities front, the global oil benchmark Brent crude registered a 0.51 per cent rise, trading at USD 75.16 per barrel, as per PTI reports. Monday’s session saw the Sensex plummeting by 856.65 points, or 1.14 per cent, to close at 74,454.41, while the Nifty recorded a steep decline of 242.55 points, or 1.06 per cent, to settle at 22,553.35, highlighting the volatility in the markets over the past week. (With inputs from PTI)
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