Mumbai: The domestic stock market made a strong start on the first trading day of the week. The Sensex and Nifty both opened higher on Monday morning, supported by a sharp drop in crude oil prices, easing geopolitical tensions and buying by foreign investors.
Strong opening in Sensex and Nifty
In early trade, the BSE Sensex rose 470.06 points to 78,564.70, while the NSE Nifty rose 150 points to 24,532.95.
These stocks have gained the most
Among the 30 Sensex stocks, ITC, Bajaj Finserv, InterGlobe Aviation, Bajaj Finance, Tata Consultancy Services (TCS), and Infosys were the biggest gainers. Shares of Sun Pharma and Maruti Suzuki remained under pressure in early trade.
Asian markets mixed
Asian stock markets were mixed. South Korea’s Kospi, Japan’s Nikkei 225, and China’s SSE Composite were down, while Hong Kong’s Hang Seng traded higher. Meanwhile, US stock markets closed higher on Friday.
Big drop in crude oil prices
Internationally, Brent crude oil futures fell 4.97% to $83.56 per barrel. This decline in crude oil prices is being seen as a positive sign for the Indian stock market, as it could ease pressure on import costs and inflation.
Support from foreign investors
According to stock market data, foreign institutional investors (FIIs) made net purchases of shares worth ₹277.48 crore on Friday, further contributing to the positive sentiment in the market.
There was a boom in the last trading session as well
On Friday, the Sensex closed with gains of 166.49 points and the Nifty 66.45 points. The same positive sentiment was evident in early trade on Monday.