Indian stock markets surged in early trade on Monday, with the Sensex jumping over 600 points, driven by positive global trends.
At 9:29 AM, the Sensex traded at 78,665.83, up by 624.24 points or 0.80%. The Nifty rose by 185.95 points or 0.79% to reach 23,773.45.
Market sentiment remained upbeat. On the NSE, 1,223 stocks traded higher, while 494 were in the red.
Sectoral And Index Gains
The Nifty Bank climbed 415.45 points or 0.82% to 51,174.65. The Nifty Midcap 100 rose 359.70 points or 0.63% to 57,266.45, while the Nifty Smallcap 100 added 82.95 points or 0.44%, settling at 18,797.25.
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Buying interest was strong across sectors, with metal, realty, IT, auto, and PSU Bank stocks leading the charge. Key gainers included Tata Steel, Tech Mahindra, Bajaj Finance, HCL Tech, HDFC Bank, and Bharti Airtel. However, Zomato and NTPC faced losses.
Global Market Trends
Asian markets, including Hong Kong, China, Japan, and Seoul, traded in positive territory. In the US, the Dow Jones closed at 42,840.26, gaining 1.18%, while the S&P 500 and Nasdaq advanced by 1.09% and 1.03%, respectively.
FII And DII Activity
Foreign institutional investors (FIIs) sold equities worth Rs 3,597.82 crore on December 20, while domestic institutional investors (DIIs) bought equities worth Rs 1,374.37 crore. Experts noted that recent FII selling reflects a shift in strategy due to the underperformance of Indian indices compared to US Fmarkets.
A sustained market rally, experts suggest, hinges on signs of economic growth revival, likely in early 2025.
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