Stock market: Equity benchmark indices opened higher in early trade on Monday amid positive global cues. In the early trade, the 30-share BSE Sensex climbed 296.94 points to 79,520.05. Meanwhile, the Nifty was also up by 85.2 points to 24,089.95.
Major gainers and laggards
Despite the overall positive sentiment, more than half of the stocks in the 30-stock Sensex were trading in the red. The key gainers included Titan, which rose by 1.74%, followed by Bajaj Finance, Bajaj Finserv, Infosys, and Mahindra & Mahindra. On the other hand, Kotak Mahindra Bank saw a decline of 1.45%, leading the losses. Other decliners included Tata Steel, IndusInd Bank, Power Grid Corporation, and NTPC.
In the Nifty 50 index, 31 out of the 50 constituent stocks were trading in the green, with Titan topping the charts with a 2.10% gain. Bajaj Finance, Bajaj Finserv, Mahindra & Mahindra, and Bajaj Auto also saw notable gains. Kotak Mahindra Bank again emerged as the largest loser, down by 1.25%, followed by Tata Steel, BPCL, Power Grid Corporation, and IndusInd Bank.
Sectoral performance
Sector-wise, the Nifty IT index and Consumer Durables sector emerged as the top performers, climbing by 1.05% and 1%, respectively. Other sectors that saw gains included Auto, Financial Services, and Realty indices. Conversely, the PSU Bank index was the biggest drag on the market, slipping by 1.5%. Other underperforming sectors included Bank Nifty, FMCG, Media, Metal, Pharma, Private Bank, Healthcare, and Oil & Gas. Meanwhile, the broader market indices faced some headwinds. The Nifty Midcap 100 index fell by 0.10%, and the Nifty Smallcap 100 index witnessed a deeper decline of 0.29%.
Rupee against dollar
Meanwhile, he rupee turned flat at 85.79 against the US dollar in early trade on Monday as positive domestic equity markets failed to boost sentiment amid sustained outflow of foreign capital and elevated level of American currency index. According to forex traders, the Indian currency found some support due to falling crude oil prices overseas, but concerns over higher dollar index as well as US treasury yields kept investors in cautious mode. At the interbank foreign exchange, the rupee opened at 85.77 and then slipped further to its previous session's closing level of 85.79 against the American currency.
(With PTI inputs)
