Delhi, 27 October (H.S.): The Indian stock market began the trading week with a strong rally on Monday, as both the Sensex and Nifty indices closed with significant gains. Bulls made a decisive comeback, fueled by strong global cues and renewed buying from foreign investors, leading to an increase of approximately ₹2.98 lakh crore in investor wealth in a single day.
The positive market sentiment was largely attributed to growing expectations that the U.S. Federal Reserve may announce an interest rate cut during its upcoming two-day meeting. Hopes of monetary easing in the U.S., prompted by recent data showing a decline in inflation, have encouraged foreign investors to increase their investments in emerging markets like India.
This robust inflow provided substantial momentum to the domestic indices.Throughout the day, widespread buying was observed across most sectors. PSU Bank, Realty, and Oil & Gas stocks saw consistent purchasing, while the Automobile, Metal, IT, and FMCG indices also closed on a strong note.
The Healthcare sector, however, faced some selling pressure. The broader market reflected the positive sentiment, with the BSE MidCap index rising 0.72% and the SmallCap index climbing 0.51%.
The market rally significantly boosted the total market capitalization of companies listed on the BSE, which rose to a provisional ₹471.90 lakh crore by the end of the day, up from ₹468.92 lakh crore on Friday.
Index Performance
The BSE Sensex opened higher at 84,297.39 and surged to an intraday high of 84,932.08. After some profit-booking in the latter half of the session, the index closed with a gain of 566.96 points, or 0.67%, at 84,778.84. Similarly, the NSE Nifty 50 started the day at 25,843.20 and reached a high of 26,005.95 before closing at 25,966.05, up 170.90 points, or 0.66%.
Top Movers
Top Gainers: Leading the rally were SBI Life Insurance (3.44%), Grasim Industries (2.91%), Bharti Airtel (2.50%), and Reliance Industries (2.24%)..
Top Losers: On the other end, Kotak Mahindra Bank (-1.76%), Bharat Electronics (-1.63%), Infosys (-1.37%), and ONGC (-0.66%) were among the top decliners.
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Hindusthan Samachar / Jun Sarkar
