The Indian markets ended the trading session on Monday on a high. After rallying throughout the session, the benchmark indices closed trading on a strong note, backed by a surge in banking stocks and the robust performance of blue chip stocks like Reliance Industries.
The BSE Sensex ended the session over 1,000 points higher and crossed the 80,200 mark. Meanwhile, the NSE Nifty50 settled trading above 24,300, jumping close to 300 points.
On the 30-share Sensex, Reliance, Sun Pharma, Tata Steel, SBI, and Axis Bank emerged among the gainers. On the other hand, HCL Tech, UltraTech Cement, Hindustan Unilever, Eternal, and Nestle closed among the laggards.
In the broader markets, the Nifty Midcap Select dominated in green and closed 1.91 per cent higher. Sectorally, the PSU Bank and Healthcare Index indices drove the gains and settled up by 2.44 per cent and 2.07 per cent respectively.
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What Drove The Markets Higher?
This surge in the indices was backed by a strong rally in Reliance Industries and private banks. The shares of the Mukesh Ambani-owned conglomerate settled over 5 per cent, after the company reported robust results in the Q4 earnings announced on Friday. Additionally, foreign investors continued to pour in the Indian equities segment and helped ease the tensions triggered by the escalating India-Pakistan border conflict.
The foreign Institutional Investors (FIIs) purchased equities worth Rs 2,952.33 crore on Friday, according to exchange data.
Vinod Nair, Head of Research, Geojit Investments Limited, explained, “Foreign investors have infused Rs 17,425 crore in the country’s equity markets last week, supported by a combination of favourable global cues and strong domestic macroeconomic fundamentals. This came following a net investment of Rs 8,500 crore in the preceding holiday-truncated week ended April 18. The domestic market recouped from the losses incurred during the last two days of the previous week, which stemmed from the border tensions. While sustained buying from FIIs and better results from RIL also boosted the investor sentiment. A weakening dollar and inflationary pressure in the US may attract FIIs into the domestic market.”
Additionally, the global oil benchmark Brent crude slipped 0.19 per cent to touch $66.74 a barrel on Monday.
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