Stock markets rose for the sixth straight session on Monday with the benchmark Sensex climbing 388 points and Nifty closing above the 26,000 mark following an across-the-board rally and strong quarterly performance by corporates.
Rising for the sixth consecutive day, the 30-share BSE Sensex climbed 388.17 points, or 0.46 per cent, to close at 84,950.95. The broader NSE Nifty rose by 103.40 points, or 0.40 per cent, to settle at 26,013.45. Strong buying by domestic institutional investors fuelled the rally.
The market has maintained its positive momentum, hovering near the key psychological level of 26,000, as investors anticipate a strong catalyst for further upward movement. A potential trade deal remains a crucial trigger. Currently, the risk-reward ratio is largely favourable, bolstered by stronger-than-expected Q2 earnings from Midcaps, which have reinforced confidence in growth revival and point to potential future earnings upgrades.
From the Sensex pack, Eternal, Maruti Suzuki India, Kotak Mahindra Bank, Mahindra & Mahindra, Tech Mahindra, Titan, HDFC Bank, PowerGrid, Bajaj Finserv, HCL Technologies, Bajaj Finance and Larsen & Toubro were among the gainers. On the other hand, Tata Motors Passenger Vehicles, Asian Paints, UltraTech Cement, Bharat Electronics Ltd, Tata Steel, Adani Ports, Hindustan Unilever, ITC, Tata Consultancy Services and Reliance Industries were the only laggards.
Meanwhile, foreign institutional investors remained net sellers for the fifth day in a row and offloaded equities worth Rs 4,968.22 crore on Friday. However, domestic institutional investors sustained their buying spree and picked up stocks worth Rs 8,461.47 crore, according to exchange data.
On Friday, the BSE Sensex had ended 84.11 points higher at 84,562.78, while the NSE Nifty went up 30.90 points to settle at 25,910.05.
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