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Nifty and Sensex surge on back of heavyweights

Among the top gainers on the Bombay Stock Exchange (BSE) were JSW Steel, Asian Paints, and ITC, while Infosys and L&T were among the top losers. Similarly, on the National Stock Exchange (NSE), BPCL and ITC emerged as the top gainers, while LTIMindtree and Infosys witnessed declines.

News Arena Network - Mumbai - UPDATED: May 9, 2024, 10:42 PM - 2 mins read

Indian benchmark indices, Nifty and Sensex, are witnessing a bullish trend propelled by the strong performance of index heavyweights such as ICICI Bank, ITC, and Reliance Industries.

Nifty and Sensex surge on back of heavyweights


Indian benchmark indices, Nifty and Sensex, are witnessing a bullish trend propelled by the strong performance of index heavyweights such as ICICI Bank, ITC, and Reliance Industries.

 

The market sentiment remains upbeat as investors respond to positive cues, driving the indices higher in today's trading session.

 

As per the latest figures, Sensex surged by 527 points or 0.73 percent, reaching 72,931.60 levels, while Nifty50 recorded a notable jump of 150 points or 0.71 percent, standing at 22,113.45 levels.

 

The robust performance of these key indices underscores the resilience of the Indian stock market amidst global uncertainties.

 

Among the top gainers on the Bombay Stock Exchange (BSE) were JSW Steel, Asian Paints, and ITC, while Infosys and L&T were among the top losers.

 

Similarly, on the National Stock Exchange (NSE), BPCL and ITC emerged as the top gainers, while LTIMindtree and Infosys witnessed declines.

 

In the broader market scenario, Nifty SmallCap exhibited a marginal uptick of 0.13 percent, trading at 16,015.80 levels, while MidCap showed a modest increase of 0.19 percent, reaching 49,203.95 levels.

 

Sector-wise, Nifty Metal and Pharma sectors demonstrated robust gains, each surging over 0.90 percent, contributing significantly to the overall bullish sentiment.

 

Providing insights into institutional activity, Dr. V K Vijayakumar from Geojit Financial highlighted a notable divergence in trading patterns this month.

 

Foreign Institutional Investors (FIIs) have emerged as sustained sellers, while Domestic Institutional Investors (DIIs) have been consistent buyers throughout the month.

 

The cumulative data reveals FII selling amounting to Rs 22,858 crores, juxtaposed with DII buying totaling Rs 16,700 crores.

 

Dr. Vijayakumar emphasized that amidst this divergence, there is a discernible trend of High Net-worth Individuals (HNIs) and retail investors opting for profit booking and adopting a cautious stance, possibly in response to the uncertainty surrounding the upcoming election results.

Related Tags:#Nifty#Sensex#BSE
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