STOCK MARKET BSE NSE

Sensex rises by over 200 points in early trade to almost reach 54500-mark

M&M was the top gainer in the Sensex pack, rising over 2 per cent, followed by Tech Mahindra, Titan, Bajaj Finserv, IndusInd Bank and Asian Paints.

Published: 09th August 2021 10:18 AM  |   Last Updated: 09th August 2021 01:16 PM   |  A+A-

BSE, Sensex, NSE

Bombay Stock Exchange. (File Photo | EPS/ Debdutta Mitra)

By PTI

MUMBAI: Equity benchmark Sensex jumped over 200 points in early trade on Monday, tracking gains in index majors Infosys, ITC and HUL amid a positive trend in global markets. The 30-share index was trading 219.52 points or 0.40 per cent higher at 54,497.24, while the broader NSE Nifty advanced 65.05 points or 0.40 per cent to 16,303.25.

M&M was the top gainer in the Sensex pack, rising over 2 per cent, followed by Tech Mahindra, Titan, Bajaj Finserv, IndusInd Bank and Asian Paints. On the other hand, Kotak Bank, Reliance Industries, Dr Reddy's and HDFC Bank were among the laggards.

In the previous session, Sensex ended 215.12 points or 0.39 per cent lower at 54,277.72, and Nifty fell 56.40 points or 0.35 per cent to 16,238.20. Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 69.37 crore on Friday, as per provisional exchange data.

"RBI's continued soft monetary policy stance to support ongoing economic recovery augurs well for domestic equities," said Binod Modi Head-Strategy at Reliance Securities. He noted that further, faster vaccination process in the country and absence of sharp spike in daily caseload despite opening-up economy bode well.

Also, sharp improvement in key economic indicators like GST collection, auto sales volume and other high- frequency indicators like e-way bills in July suggests sustainable rebound in corporate earnings in subsequent quarters.

This should aid the market to sustain premium valuations, he added. Elsewhere in Asia, bourses in Shanghai, Hong Kong and Seoul were trading with gains in mid-session deals. Meanwhile, international oil benchmark Brent crude fell 1.82 per cent to USD 69.41 per barrel.



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

edexworks
flipboard facebook twitter whatsapp