NEWS
The three-day decline in the stock market due to West Asia tensions ended, and Sensex rose 939 points; these stocks jumped.
Vinod Nair, Head of Research at Geojit Investments Ltd, said buying at lower levels in auto, banking, and consumer goods stocks led to a rally in the market at the end of trading.
Stock Market News: Amidst the ongoing tension in the Middle East, the decline in the market for the last three days came to a halt on Monday, the first trading day of the week. BSE Sensex rose by 938 points, while Nifty 50 crossed 23,400 points. The market got support from buying in the shares of major companies at lower levels. The BSE Sensex based on 30 shares rose by 938.93 points or 1.26 percent to close at 75,502.85 points. During the trading, it went up to 75,805.27 points and came down to 73,949.76 points.
Market boom
The 50-share Nifty 50 rose 257.70 points, or 1.11 percent, to close at 23,408.80. Among Sensex stocks, UltraTech Cement saw the biggest gain, rising 4.22 percent. Trent Ltd, HDFC Bank, Mahindra & Mahindra, Bajaj Finance, ITC Limited, Tata Steel, and State Bank of India were also major gainers.
On the other hand, Bharat Electronics Limited, Sun Pharmaceutical, Power Grid Corporation of India and Bharti Airtel were among the losers.
What do experts say?
Vinod Nair, head of research at Geojit Investments Ltd., said that buying at lower levels in auto, banking, and consumer goods stocks helped the market rally at the close. He added that investor sentiment in the near term will depend on developments in the Strait of Hormuz. If the supply chain impact is minimal, the market could gain further support.
Why did the market boom?
Elsewhere in Asia, the Nikkei 225 (Japan) and Shanghai Composite (China) closed lower, while the Kospi (South Korea) and Hang Seng Index (Hong Kong) advanced. European markets were down in afternoon trade, while US markets closed lower on Friday.
Brent crude, the global oil benchmark, rose 1.41 percent to $104.4 per barrel. According to stock market data, foreign institutional investors sold shares worth ₹10,716.64 crore on Friday. Domestic institutional investors bought shares worth ₹9,977.42 crore.
Earlier on Friday, the BSE Sensex fell 1,470.50 points, or 1.93 percent, to close at 74,563.92, while the Nifty 50 fell 488.05 points to close at 23,151.10.
