Sensex rose 485 points and Nifty gained 174 on Monday, driven by optimism over the India-US trade deal, strong buying in PSU banks, consumer durables, and realty stocks, supported by foreign fund inflows
-1770634768316_d.png "Markets end higher on India-US trade deal optimism; Sensex reclaims 84k-mark")
PSU banks, consumer durables, realty stocks drive market rally. Representational Image
Benchmark equity indices Sensex and Nifty extended their gains for the second straight session on Monday, driven by optimism over the India-US trade deal and robust buying in public sector banks, consumer durables, and realty stocks. The 30-share BSE Sensex jumped 485.35 points, or 0.58 per cent, to close at 84,065.75. During the day, the benchmark surged 734.28 points, or 0.87 per cent, to hit an intraday high of 84,314.68.
The 50-share NSE Nifty appreciated by 173.60 points, or 0.68 per cent, to settle at 25,867.30. During the session, the index climbed 228.55 points, or 0.88 per cent, to hit a high of 25,922.25. Among the 30-share constituents, State Bank of India, Titan, UltraTech Cement, Tata Steel, Eternal, Bharat Electronics Ltd, Kotak Mahindra Bank, IndiGo, Trent, Mahindra & Mahindra, Larsen & Toubro, Sun Pharmaceuticals, and Asian Paints were the gainers.
On the other hand, PowerGrid, NTPC, ITC, ICICI Bank, Infosys, HDFC Bank, Tech Mahindra, Maruti Suzuki India and Axis Bank were the laggards. "Positive signals from the trade deal, coupled with the return of FIIs, fuelled a risk-on sentiment in the market. Investors are closely watching upcoming results, with PSU banks delivering stronger-than-anticipated performance, helping the PSU bank index outperform," Vinod Nair, Head of Research, Geojit Investments Ltd, said.
He added that an accumulation strategy was observed in consumer durables and real estate stocks following the recent correction, driven by expectations of a demand revival. "The recovery was broad-based, with sectors such as cement, capital goods, textiles, and consumer discretionary attracting investor interest, supported by union budget proposals and favourable trade deals," Nair said.
In Asian markets, Japan's Nikkei 225 index, South Korea's Kospi, Shanghai's SSE Composite index and Hong Kong's Hang Seng index closed higher. European markets were quoting higher. US markets ended higher on Friday. Brent crude, the global oil benchmark, declined 0.81 per cent, to USD 67.52 per barrel.
Foreign institutional investors (FIIs) bought equities worth Rs 1,950.77 crore on Friday, according to exchange data. On Friday, the 30-share BSE Sensex advanced 266.47 points to settle at 83,580.40, while the NSE Nifty climbed 50.90 points to end at 25,693.70.
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.
Subscribe today by clicking the link and stay updated with the latest news!" Click here!
