On Monday, the Indian stock market kicked off the week with an optimistic outlook, driven by strong buying interest in the auto, IT, and public sector bank sectors.
The benchmark Sensex surged to 81,653.83, up by 429.08 points, or 0.53%, in early trading. The Nifty index also showed positive momentum, opening at 24,955.50 after climbing 101.45 points, or 0.41%.
Market sentiment remained buoyant, with a notable number of stocks in the green. On the National Stock Exchange (NSE), 1,509 stocks advanced, while 602 were in the negative territory. Similarly, the Bombay Stock Exchange (BSE) reported 1,727 gainers compared to 807 losers, underscoring a strong market breadth.
The Nifty Bank index rose to 52,335.50, gaining 241.30 points, or 0.46%. In contrast, the Nifty Midcap 100 index experienced a slight downturn, trading at 58,954.85 after a drop of 305.70 points, or 0.52%. The Nifty Smallcap 100 index edged up to 19,122.45, adding 44.65 points, or 0.23%.
Prominent gainers in the Sensex included Tech Mahindra, HDFC Bank, Axis Bank, and Wipro, while the list of top losers featured Kotak Mahindra, Bharti Airtel, Mahindra & Mahindra (M&M), and NTPC.
In the Nifty pack, HDFC Bank, Tech Mahindra, SBI Life Insurance, and Axis Bank were the standout performers, whereas Tata Consumer Products, Kotak Mahindra, BPCL, and Bharti Airtel lagged behind.
On the Asian front, markets in Jakarta, Shanghai, and Tokyo were also trading positively, while Bangkok and Hong Kong saw declines. The US stock market had a robust closing on the previous trading day, further buoying global investor sentiment.
Market analysts attribute the resilience in the Indian stock market to the ongoing rally in global equities, bolstered by a steady decrease in crude oil prices and stability in US bond yields. Despite ongoing geopolitical tensions in the Middle East, investors remain optimistic.
Market experts noted, “More importantly, the financial segment is doing well and is in the pink of health. Q2 results of leading banking names like HDFC, Kotak and Axis indicate improving prospects.”
In terms of investment flows, foreign institutional investors (FIIs) sold equities worth Rs 5,485 crore on 18 October, while domestic institutional investors (DIIs) countered with purchases amounting to Rs 5,214 crore on the same day, reflecting a dynamic market environment.
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