In early trade on Monday, the Sensex surged by 290.46 points, reaching a robust 80,809.80. Simultaneously, the Nifty marked a significant milestone, rallying 95.85 points to achieve a new record high of 24,598. This bullish trend shows strong investor confidence and market optimism, driven by positive economic indicators and robust corporate earnings. Analysts attribute this upward trajectory to renewed investor interest in key sectors, buoyed by favourable domestic and global market conditions.
Among the Sensex pack, HCL Technologies climbed over 3 per cent after the IT services company on Friday posted a 20.4 per cent rise in consolidated net profit to Rs 4,257 crore for the June-ended quarter and gave a revenue growth guidance of 3-5 per cent for FY25 on GenAI diversification and strong operational execution. UltraTech Cement, Tata Motors, Maruti, NTPC, Mahindra & Mahindra, Tata Consultancy Services and Kotak Mahindra Bank were among the other major winners.
Major gainers and laggards
Tata Steel, Asian Paints, Power Grid and Axis Bank were among the laggards. In Asian markets, Seoul and Shanghai were trading higher while Hong Kong quoted lower. US markets ended in positive territory on Friday. Foreign Institutional Investors (FIIs) bought equities worth Rs 4,021.60 crore on Friday, according to exchange data. Global oil benchmark Brent crude climbed 0.20 per cent to USD 85.20 a barrel.
Rupee against dollar
Meanwhile, the rupee depreciated 4 paise to 83.55 against the US dollar in early trade on Monday, tracking the strength of the American currency in the overseas market and elevated crude oil prices. Forex traders said a positive trend in domestic equities and significant foreign fund inflows supported the rupee and restricted the fall. At the interbank foreign exchange market, the rupee opened at 83.53 and lost further ground to trade at 83.55 against the greenback in initial deals, registering a fall of 4 paise from its previous closing level.
(With inputs from PTI)
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