Equity markets regained ground on Monday after two consecutive sessions of sharp decline, buoyed by a positive trend across key Asian indices. Benchmark indices Sensex and Nifty rose in early trade, supported by strong buying in select heavyweight stocks.
The 30-share BSE Sensex surged 288.79 points to reach 81,407.39, while the broader NSE Nifty advanced by 98.9 points to 24,817.50.
Among the leading gainers from the Sensex pack were Power Grid, UltraTech Cement, Bharti Airtel, Larsen & Toubro, Asian Paints, NTPC, Tata Consultancy Services and Infosys. In contrast, Tata Motors, Axis Bank, Adani Ports and Kotak Mahindra Bank featured among the laggards.
Asian equities provided a favourable backdrop, with indices such as South Korea’s Kospi, Japan’s Nikkei 225, and Shanghai’s SSE Composite trading higher. However, Hong Kong’s Hang Seng index recorded a decline. Meanwhile, Wall Street had ended in negative territory on Friday.
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On the commodity front, the global oil benchmark Brent crude rose by 0.73 per cent to USD 74.77 per barrel.
Commenting on market sentiment, V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, "Interestingly there is no panic in equity markets. Markets will be severely impacted only if Iran closes the Strait of Hormuz triggering a huge spike in crude. This appears to be a low probability event now."
Foreign Institutional Investors (FIIs), however, remained net sellers, offloading equities worth ₹1,263.52 crore on Friday, according to stock exchange data.
On the previous trading day, the BSE Sensex had plummeted 573.38 points (0.70 per cent) to settle at 81,118.60. The Nifty, too, declined 169.60 points (0.68 per cent) to end at 24,718.60.
Cumulatively, over the last two sessions, the Sensex has shed 1,396.54 points (1.69 per cent), while the Nifty lost 422.8 points (1.68 per cent).
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