Experts project this positive trend to persist, backed by foreign institutional investor activity. (AI image)
Stock market today
: BSE Sensex and Nifty50, the Indian equity benchmark indices, rallied strongly in trade on Monday. While the BSE Sensex went above 77,800 level, Nifty50 crossed 23,600. At 11:08 AM, BSE Sensex was trading at 77,819.37, up 914 points or 1.19%. Nifty50 was at 23,620.40, up 270 points or 1.16%.
Sensex and Nifty continued their upward trajectory for the sixth straight session on Monday, with banking and IT sectors leading the gains, supported by foreign investments and value buying.
The aggregate market value of BSE-listed firms increased by Rs 4.63 lakh crore to Rs 417.93 lakh crore, according to an ET report.
Foreign portfolio investors (FPIs) purchased
Indian equities
worth Rs 7,470 crore on Friday, recording the highest single-day investment in four months.
This follows a sustained selling trend by FPIs since late-September, withdrawing nearly $29 billion from the market, attributed to declining domestic earnings growth, tariff issues, and high valuations.
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Among Sensex constituents, Power Grid, L&T, Kotak Mahindra Bank, NTPC, and Tech Mahindra emerged as leading gainers, rising up to 3%, whilst M&M, UltraTech Cement, Titan, and Infosys declined.
Sector-wise, Nifty Bank, Financial Services, Auto, and IT indices advanced 0.5% to 1%. The broader market indices showed strength, with Nifty Midcap 100 rising 1.1% and Nifty Smallcap 100 advancing 1.6%.
NCC shares opened 5% higher following a contract acceptance from Bihar Medical Services & Infrastructure Corporation for Darbhanga Medical College & Hospital redevelopment, valued at Rs 1,480.34 crore.
GMR Airports shares rose nearly 2% after CCI dismissed anti-competitive practice allegations regarding Delhi Airport contract awards.
“Improving macros of the Indian economy and fair valuations have turned FIIs from sellers to buyers. More importantly, this has triggered massive short covering leading to sharp spikes in prices,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Investment Services.
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“Even though the undertone of the market is bullish investors have to be careful. April 2nd- the reciprocal tariffs day- is looming large and the uncertainty surrounding that is huge. Investors can wait for clarity to emerge regarding the reciprocal tariffs before taking a call on further investment,” Vijayakumar added.
Prashanth Tapse, Senior VP (Research) at Mehta Equities, said, “Nifty is above key moving averages, and a push towards the 200-DMA at 24069 is possible if positive developments arise on the tariff front.”
Global markets
demonstrated varied performance on Monday, with US stock futures showing gains while the dollar remained uncertain. The week ahead focuses on economic data, Chinese corporate results, and potential significant U.S. tariff increases.
S&P 500 futures increased by approximately 0.6% during Asian trading hours, whilst Nasdaq 100 futures advanced 0.8%. Both Japanese Nikkei and Hong Kong’s Hang Seng indices registered modest gains of 0.2%.
Ten-year U.S. Treasury yields stabilised at 4.27%, having decreased by nearly 40 basis points from their February peak. Investors shifted their focus from U.S. equities, resulting in significant gains in Hong Kong and European markets while Wall Street declined.
The Indian rupee strengthened by 12 paise against the US dollar, reaching 85.86 in early trading. The dollar index, measuring the US currency against six major global currencies, registered a slight increase of 0.04% to 104.16.
