Stock market closed: Stock markets closed with gains amid positive sentiment, Sensex rose by 480 points, Nifty rose by 142 points.
Mumbai. Domestic stock markets closed with gains on Monday due to buying in public sector banks, auto and financial stocks amid positive sentiment arising from the cancellation of comprehensive duty order in the US. Sensex rose 480 points, while Nifty gained 142 points. Analysts said investor sentiment improved after the US Supreme Court declared President Donald Trump’s sweeping tariff orders issued last year illegal.
BSE’s 30-share benchmark Sensex closed at 83,294.66 points, up 479.95 points or 0.58 percent. At one time during trading it had climbed 671.44 points to reach 83,486.15 points. Similarly, NSE’s standard index Nifty based on 50 shares also increased by 141.75 points or 0.55 percent and closed at 25,713 points. At one point in the day, it had climbed 200.2 points to 25,771.45 points. Among Sensex companies, Adani Ports recorded the highest gain of 2.98 percent.
Apart from this, Kotak Mahindra Bank, UltraTech Cement, PowerGrid, Hindustan Unilever, HDFC Bank, Axis Bank, Bharti Airtel, State Bank of India, Titan, Mahindra & Mahindra and Larsen & Toubro also gained. On the other hand, shares of Infosys, Tech Mahindra, Trent, HCL Technologies, Bajaj Finserv, Tata Consultancy Services, ITC, Bharat Electronics, Eternal, Tata Steel and IndiGo were in decline.
Vinod Nair, head of research, Geojit Investments Ltd, said, “The domestic market has welcomed the decision of the US top court. Investors are now waiting for clarity on the revised tariff strategy of the Donald Trump administration and the possibility of renegotiating trade agreements from other countries.
Nair said global markets may remain cautious in the near term due to weakness in the US dollar and fall in 10-year bond yields. However, even in this bullish environment, the IT index remained under pressure due to selling in shares of information technology (IT) companies. IT companies are rife with concerns about potential disruption from artificial intelligence (AI).
Among other markets in Asia, Hong Kong’s Hang Seng rose 2.53 percent and South Korea’s Kospi rose nearly one percent, while markets in Japan and China remained closed for holidays. In European markets, Germany’s DAX index was trading lower while the indices of Paris and London remained flat.
Global oil benchmark Brent crude fell 0.38 percent to $71.49 per barrel. According to stock market data, foreign institutional investors made net sales of Rs 934.61 crore on Friday, while domestic institutional investors made net purchases of Rs 2,637.15 crore. On Friday, Sensex closed 316.57 points higher and Nifty closed 116.90 points higher.
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