Equity benchmark indices rebounded in early trade on Monday (October 7, 2024) after tumbling in the previous week amid a rally in global markets, along with buying in index majors ITC and ICICI Bank.
The BSE Sensex climbed 292.29 points or 0.36% to 81,980.74 in early trade. The NSE Nifty went up by 54.55 points or 0.22% to 25,069.15.
From the 30 Sensex firms, ITC, Kotak Mahindra Bank, HCL Technologies, Infosys, ICICI Bank, Tata Consultancy Services and Bharti Airtel were the major gainers.
Titan, Adani Ports, NTPC, Power Grid and HDFC Bank were among the laggards.
In Asian markets, Tokyo, Shanghai, Hong Kong and Seoul traded higher on Monday.
The U.S. markets were ended on positive territory on Friday (October 4, 2024).
Foreign Institutional Investors (FIIs) offloaded equities worth ₹9,896.95 crore on Friday, while Domestic Institutional Investors (DIIs) bought equities worth ₹8,905.08 crore, according to exchange data.
"Globally stock markets have been resilient despite the escalating tensions in the Middle East. A big positive for equity markets is the strong US economy where the September non-farm job numbers have come surprisingly robust," V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
The combination of a strong economy and declining inflation in the mother market of the U.S. is a big positive, he added.
Global oil benchmark Brent crude declined 0.44% to $77.71 per barrel.
On Friday, the BSE Sensex tumbled 808.65 points or 0.98% to settle at a three-week low of 81,688.45, while NSE Nifty slumped 235.50 points or 0.93% to 25,014.60.
Last week, the BSE Sensex tanked 3,883.4 points, or 4.53%, and the Nifty slumped 1,164.35 points, or 4.44%.
Published - October 07, 2024 10:53 am IST
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
