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HomeBusinessSensex jumps over 150 pts in opening trade; Nifty tests 15,700

Sensex jumps over 150 pts in opening trade; Nifty tests 15,700

The Sensex rose more than 150 points on Monday, tracking gains in index heavyweights ICICI Bank, ITC, and SBI, amid continued foreign fund inflows and mixed cues from global markets.

Following a nearly 180-point jump in the opening session, the 30-share BSE index settled flat at 52,120.09, up 20.04 points or 0.04 percent. Similarly, the NSE Nifty rose 29.20 points, or 0.19 percent, to 15,699.45.

PowerGrid led the Sensex pack with a 1% gain, followed by L&T, NTPC, ONGC, ITC, SBI, Bajaj Auto, and ICICI Bank.

Bajaj Finserv, HDFC, Asian Paints, and Dr Reddy’s, on the other hand, were among the laggards.

In the previous session, the Sensex fell 132.38 points, or 0.25 percent, to 52,100.05, while the NSE Nifty fell 20.10 points, or 0.13 percent, to 15,670.25.

According to provisional exchange data, foreign institutional investors (FIIs) were net buyers in the capital market on Friday, purchasing shares worth 1,499.37 crore.

“News is good for markets.” Since US job growth has been lower than expected, the Fed is likely to maintain its accommodative stance, with no indications of tapering. So, according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the US 10-year yield is likely to remain stable with a negative bias until Thursday, when US inflation figures are released.

FIIs have returned strongly this month, with net equity purchases totaling Rs 7,967 crore as of June 4, he said, adding that frenzied retail participation is providing market resilience.

GST collections of Rs 1.02 lakh crore in May were unexpected given the month’s low economic activity. ? This reflects the economy’s underlying strength and growth impulses,? he said.

Furthermore, economic activity is likely to pick up steam as most states gradually open up as new COVID cases fall, according to Vijayakumar.

In other Asian markets, Shanghai and Hong Kong bourses were down in mid-session trade, while Tokyo and Seoul were up.

Brent crude was trading 0.58 percent lower at USD 71.47 per barrel on the international oil market.

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