Sensex surges over 350 points while Nifty tops 17,600 in early trade
- Sensex rose 375.30 points or 0.64% to 59,161.97
- Nifty gained 94.75 points or 0.54% to 17,606.05
- Rupee surges 15 paise to 75.63 against the US dollar
- Brent crude increased 1.16% to USD 76.02 per barrel
In early trade on Monday, the Sensex rose more than 350 points, mirroring advances in index mainstays ICICI Bank, HDFC twins, and Axis Bank on a favorable trend in global markets.
In early trading, the 30-share index rose 375.30 points, or 0.64%, to 59,161.97. Likewise, the Nifty gained 94.75 points, or 0.54%, to 17,606.05.
PowerGrid led the Sensex pack with a 3%, followed by Axis Bank, NTPC, Tata Steel, UltraTech Cement, Sun Pharma, and Titan. On the other hand, Bajaj Finance and Nestle India were among the laggards.
The 30-share equity benchmark fell 20.46 points, or 0.03%, to 58,786.67 in the previous session, while the Nifty was down 5.55 points, or 0.03%, to 17,511.30.
According to exchange statistics, foreign institutional investors (FIIs) continued to be net sellers in the capital market on Friday, selling shares worth Rs 1,092.40 crore.
"Despite the 39-year high CPI inflation print of 6.8 percent in November, the US market rallied and the 10-year bond yield stabilised. This expected macro data didn't impact the market.
"However, the message from the meetings of the US Fed, ECB, Bank of England and Bank of Japan, expected this week, will give clues about the medium-term trajectory of interest rates, bond yields, and markets," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services. The sharp rise in Omicron cases in the UK is a concern, he noted.
In India, the relentless selling by FPIs (Rs 33,799 crore in November and Rs 17,644 crore up to December 10) has been the major headwind for the market, particularly for banking stocks. But sustained FPI selling is not having any significant impact on the market other than putting a cap on the upside of the rally, he said.
"The high earnings visibility of financials, IT and construction-related stocks is encouraging DII and retail buying in these segments," he added.
Other Asian bourses, including Shanghai, Tokyo, Seoul, and Hong Kong, were trading with strong gains in mid-session trades.
Meanwhile, Brent crude, the international oil benchmark, increased 1.16% to USD 76.02 per barrel. Rupee surges 15 paise to 75.63 against the US dollar in early trade.