Mumbai: The domestic stock market remained bullish on Monday with BSE Sensex rising 454 points, while NSE Nifty closed above 23,300 points. The market was mainly on the rise due to a rise in bank stocks amid a strong trend globally. BSE's benchmark index BSE Sensex, based on 30 shares, jumped 454.11 points or 0.59 percent to close at 77,073.44 points. At one time during trading it had climbed up to 699.61 points. National Stock Exchange (NSE) index Nifty also closed at 23,344.75 points, up 141.55 points or 0.61 percent.
Among the stocks included in the Sensex group, Kotak Mahindra Bank saw a tremendous rise of more than nine percent. Its shares jumped after the bank reported that its integrated net profit increased by 10 percent to Rs 4,701 crore in the December quarter. Apart from this, Bajaj Finance, Bajaj Finserv, NTPC, State Bank of India, Power Grid, HDFC Bank, Tech Mahindra and Asian Paints were also major gainers.
Zomato investors suffered the most loss
On the other hand, Zomato suffered the maximum loss of 3.14 percent. Due to lower than expected quarterly results, its shares witnessed a downward trend. Apart from this, shares of Adani Ports, Tata Consultancy Services, Mahindra & Mahindra, Maruti and Tata Motors also closed with a decline.
Why did the stock market rise?
Vinod Nair, Head of Research, Geojit Financial Services, said positive sentiment in other markets in Asia supported the domestic markets and started the week with gains. There was an all-round boom due to better results of banks and financial sectors. However, there is an atmosphere of uncertainty regarding the policies of America's elected President Donald Trump. Investors are waiting for more clarity in this regard. The BSE Smallcap index of small companies gained 0.82 percent while the Midcap index of medium companies rose 0.66 percent.
1557 shares declined
Of the stocks traded on BSE, 2,503 closed higher while 1,557 declined and 168 others remained unchanged. Among the sector wise indices, Telecom segment had the highest rise of 2.18 per cent while Banking segment rose by 2.03 per cent and Electricity rose by 1.39 per cent. On the other hand, there was a decline in BSE consumer discretionary segment, vehicle and daily consumption products (FMCG) segment.
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In other markets of Asia, Japan's Nikkei, China's Shanghai Composite and Hong Kong's Hang Seng remained in the positive zone, while South Korea's Kospi remained in the loss. There was a bullish trend in the major markets of Europe in afternoon trading. US markets were in profit on Friday.
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