Sensex rallies 356 points as stock markets close higher
Benchmark equity indices Sensex and Nifty closed higher on Monday, supported by gains in blue-chip stocks, positive state poll trends and strong quarterly earnings. Investor sentiment also improved amid easing geopolitical concerns and stability in crude oil prices
Mumbai: Benchmark indices Sensex and Nifty ended higher on Monday, helped by buying in blue-chip stocks and state poll results moving towards an outcome in line with market expectations.
The 30-share BSE Sensex climbed 355.90 points, or 0.46 per cent, to settle at 77,269.40. During the day, it jumped 997.25 points, or 1.29 per cent, to 77,910.75.
The 50-share NSE Nifty rallied 121.75 points, or 0.51 per cent, to end at 24,119.30.
From the 30-Sensex firms, Adani Ports and Special Economic Zone, Hindustan Unilever, Reliance Industries, Larsen & Toubro, Eternal and Maruti Suzuki were among the biggest gainers.
Bharti Airtel, Kotak Mahindra Bank, Tata Consultancy Services and ITC were among the laggards.
Vinod Nair said investor sentiment remained supported by a favourable election outcome in West Bengal and better-than-expected Q4 earnings, helping markets look past Middle East-related concerns.
However, intermittent profit booking persisted amid uncertainty surrounding the US ‘Project Freedom’ initiative to reopen the Strait of Hormuz, he said.
While the resolution path may take time, optimism around gradual progress continues, he said, adding that crude prices holding below USD 110 are providing near-term comfort.
Brent crude, the global oil benchmark, jumped 1.48 per cent to USD 109.8 per barrel.
In Asian markets, South Korea’s benchmark Kospi and Hong Kong’s Hang Seng index ended higher. Markets in Japan were closed due to a holiday.
Markets in Europe were trading mostly lower.
US markets ended mostly higher on Friday.
Hariprasad K said early trends from key state election results provided a supportive domestic trigger, while easing geopolitical concerns, including signs of progress in US-Iran discussions, helped cool crude oil prices.
This, combined with strength in global markets led by a record run in US tech indices, created a favourable risk environment, he said.
Stock-specific momentum added to the upside, with leaders such as Maruti Suzuki and Hindustan Unilever driving gains on the back of strong operational updates, he added.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 8,047.86 crore on Thursday, according to exchange data. Domestic Institutional Investors (DIIs), however, bought stocks worth Rs 3,487.10 crore.
Stock exchanges were closed on Friday for Maharashtra Day.
On Thursday, the Sensex tumbled 582.86 points, or 0.75 per cent, to settle at 76,913.50. The Nifty dived 180.10 points, or 0.74 per cent, to end at 23,997.55.
