There is a stop to the five day long decline in the stock market, Sensex rose by 603 points.

The Uncut


Mumbai. The decline that had been going on in the last five trading sessions in the local stock market came to an end on Monday and the BSE Sensex rose by 603 points. The market gained momentum due to buying in ICICI Bank amid strong trend globally and continuous buying by domestic institutional investors (FIIs). BSE Sensex closed at 80,005.04 points, rising 602.75 points or 0.76 percent. At one time during trading it had climbed up to 1,137.52 points.

National Stock Exchange’s Nifty also closed at 24,339.15 points with a gain of 158.35 points or 0.65 percent. According to traders, softening of global crude oil prices also boosted the market sentiment. Among the 30 Sensex stocks, ICICI Bank rose three percent. The private sector bank’s stock rose after it was reported that its net profit on standalone basis increased by 14.5 percent to Rs 11,746 crore for the quarter ending September 2024. Apart from this, JSW Steel, Mahindra & Mahindra, Adani Ports, Tata Steel, Sun Pharma, Hindustan Unilever, Tata Motors and State Bank of India were major gainers.

On the other hand, the loss making stocks include Axis Bank, Kotak Mahindra Bank, Tech Mahindra, HDFC Bank and Maruti.
Vinod Nair, Head of Research, Geojit Financial Services, said, “After continuous selling last week, the market gained momentum. Due to positive results from banks and some reduction in concerns about retaliatory action in West Asia, investors were encouraged by the softening of crude oil prices. The notion of was strengthened.”

He said, “For the all-round momentum to continue, it is necessary that the results of more companies improve.” At present, the situation is not clear due to lack of demand and margin pressure. “We estimate that companies that do not have too much debt and have growth potential will perform well when the market stabilizes.” BSE Smallcap index related to shares of small companies rose 1.11 percent while Midcap index related to medium companies gained 0.69 percent.

In other markets of Asia, South Korea’s Kospi, Japan’s Nikkei, China’s Shanghai Composite and Hong Kong’s Hang Seng were in profit. There was a positive trend in the major markets of Europe in afternoon trading. There was a mixed trend in the American markets on Friday. According to stock market data, foreign institutional investors sold shares worth Rs 3,036.75 crore on Friday. Whereas domestic institutional investors bought shares worth Rs 4,159.29 crore. Global oil benchmark Brent crude fell 5.84 percent to $71.54 per barrel. BSE Sensex fell 662.87 points on Friday while Nifty fell 218.60 points.

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