Mumbai. The local stock markets returned to a boom on Monday and the BSE Sensex recovered from the low level and gained more than 375 points. The market was in a rise mainly due to the rise in the shares of ICICI Bank, HUL and HDFC Bank. The Sensex, based on 30 shares, halted the decline that had been continuing for the last four trading sessions and closed at 81,559.54 points with a gain of 375.61 points or 0.46 percent.
The benchmark index opened with a fall and at one point fell to a low of 80,895.05 points. Later, it gained momentum and jumped by 469.43 points. The three-day decline in the National Stock Exchange’s Nifty also stopped and it closed at 24,936.40 points with a gain of 84.25 points or 0.34 percent. Among the 30 companies of the Sensex, Hindustan Unilever, ICICI Bank, ITC, Kotak Mahindra Bank, IndusInd Bank, Axis Bank, UltraTech Cement and HDFC Bank were the biggest gainers.
On the other hand, stocks that remained in loss include Tech Mahindra, Tata Steel, NTPC, Tata Motors, Power Grid and Titan.
Vinod Nair, Head of Research, Geojit Financial Services, said, “The domestic market rose despite a decline in the beginning amid weak global sentiment. The market is currently trying to stabilize amid fears of a cut in the policy rate and recession in the US.” Deepak Jasani, Head of Retail Research, HDFC Securities, said, “The Nifty halted its three-day decline and closed in the green. There was a sell-off on Friday as the US employment data was not as expected.
Due to this, the global markets improved a bit today. The Asian stock market was in loss in early trade on Monday. The reason for this is that the employment data in the US was lower than expected. Along with this, selling also took place due to the slowdown in China. BSE Smallcap, which represents the shares of small companies, was down by 0.65 percent and the BSE Midcap index related to mid-sized companies was in loss of 0.28 percent.
In other Asian markets, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng were in losses. There was a bullish trend during trading in major European markets. American markets were in losses on Friday.
According to stock market data, foreign institutional investors sold shares worth Rs 620.95 crore on Friday. Global oil benchmark Brent crude rose 1.13 percent to $ 71.84 per barrel.