The Indian stock market began the new week on a positive note. The benchmark indices rallied ahead on Monday morning. As of 9:32 AM, the BSE Sensex surged close to 500 points and traded over 74,300, while the NSE Nifty50 jumped almost 150 points and stood near 22,550.
As markets progressed, the indices slightly pared their gains but managed to remain in the positive territory. Around 11 AM, the Sensex traded at 74,176, while the Nifty stood above the 22,500 mark.
On the 30-share Sensex platform, IndusInd Bank, Bajaj Finserv, M&M, Zomato, and Sun Pharma emerged among the gainers in the session so far. Meanwhile, the laggards included Nestle, Asian Paints, PowerGrid, Reliance, and SBI.
In the broader markets, the Nifty Smallcap 50 index dominated in green and traded 0.80 per cent higher. Sectorally, the Pharma and Healthcare Index surged 1.55 per cent and 1.41 per cent respectively. On the other hand, the IT index tanked 0.40 per cent in the session so far.
Also Read : IndusInd Bank Shares Rally Over 5 Per Cent, See What Led To The Climb
Macro Indicators
In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong stood in the positive territory, while the US markets closed sharply higher on Friday. The foreign institutional investors (FIIs) dumped Indian equities worth Rs 792.90 crore on Thursday, according to official exchange data. Domestic stock markets were closed on Friday for Holi.
The Indian rupee appreciated 25 paise to touch 86.80 against the US dollar in early trade on Monday, as domestic equities began trading on a positive note and Asian currencies continued to be on the stronger side. The global oil benchmark Brent crude climbed 0.64 per cent to touch $71.03 a barrel.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services noted that the market trend in the near-term is expected to be stable. “The positive factors are the steadily declining trend in FII outflows and the outperformance of India over the US last week. This positive trend has fundamental support from the bounce back in FY25 Q3 GDP growth to 6.2 per cent, the spurt in January IIP to 5 per cent, and the decline in February CPI inflation to 3.61 per cent. This positive macro backdrop can support the market in the short-term but cannot sustain a rally in the market,” the expert pointed out.
