Mumbai. BSE Sensex rose by about 592 points on Monday due to buying in information technology (IT) and bank shares amid strong trend globally. NSE Nifty also gained and crossed 25,000 points. BSE Sensex based on 30 shares jumped 591.69 points or 0.73 percent and closed at 81,973.05 points. At one time during trading it had climbed up to 690.81 points.
National Stock Exchange’s Nifty also closed at 25,127.95 points with a gain of 163.70 points or 0.66 percent. At one time during trading it had climbed up to 195.5 points. Among Sensex stocks, Tech Mahindra, HDFC Bank, Larsen & Toubro, ITC, Infosys, IndusInd Bank, Kotak Mahindra Bank, Titan and HCL Technologies were among the gainers. On the other hand, loss-making stocks include Maruti Suzuki India, Tata Steel, Bajaj Finance, UltraTech Cement, Nestle India, Axis Bank and Tata Consultancy Services (TCS).
The market capitalization of BSE listed companies increased by about Rs 1.35 lakh crore to reach Rs 4,63,62,781.71.
Vinod Nair, head of research at Geojit Financial Services, said, “Crude oil prices have come down and it seems that investors are already considering the weak quarterly results of the companies. With this the Indian market is showing strength. Investors are showing interest in IT and financial sector shares. The reason for this is the recent decline in the prices of these shares.”
BSE Midcap index related to medium companies rose 0.28 percent while Smallcap index related to small companies gained 0.06 percent. Mehta Equities Ltd. Prashant Tapse, Senior Vice President (Research), “The sharp fall in crude oil prices gave impetus to the market. The market remained in profit with the rise in bank, IT and realty stocks. He said, “Since FIIs (foreign institutional investors) are withdrawing money from the market, there probably does not seem to be any strong sentiment being formed due to this rise in the market. Another reason for this is the ongoing tension in West Asia, which has increased uncertainty among investors.
In other markets of Asia, Japan’s Nikkei, China’s Shanghai Composite and South Korea’s Kospi were in gain, while Hong Kong’s Hang Seng declined. There was a mixed trend in the major markets of Europe in the afternoon trade. The American market Wall Street was in the lead on Friday. Meanwhile, global oil benchmark Brent crude fell 2.52 percent to $77.05 per barrel. According to stock market data, foreign institutional investors sold shares worth Rs 4,162.66 crore on Friday. While domestic institutional investors bought shares worth Rs 3,730.87 crore.