RELIANCE AND ICICI BANK DRIVE THE OVER 1% INCREASE IN THE SENSEX AND NIFTY

 

Following vigorous purchasing in index heavyweights Reliance Industries and ICICI Bank, equity benchmark indexes increased by around 1% to re-enter the 59,000-point level on Monday.

The BSE benchmark increased 442.65 points or 0.75 percent, closing at 59,245.98. It increased by 504.92 points, or 0.85 percent, to 59,308.25 during the trading day.

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The NSE Nifty increased 126.35 points, or 0.72 percent, to 17,665.80.

Sun Pharma, ITC, NTPC, Reliance Industries, Larsen & Toubro, Tata Steel, HCL Technologies, and ICICI Bank were some of the top gainers from the Sensex pack.

Shanghai closed in the black, while bourses in Seoul, Tokyo, and Hong Kong all finished lower.

During the mid-session trades, European equities were trading at a lower level. US stock markets closed at a lower price on Friday.

"Benchmark indices outperformed their Asian counterparts as investors bet on stocks in the metals, banking, and capital goods industries, ignoring the pessimistic tone on the European stock market. Due to worries about the global economic slump, the market is displaying enough indicators that it may continue to be volatile in the future sessions, therefore cautious optimism prevailed "said Shrikant Chouhan, head of equity research at Kotak Securities Ltd. (Retail).  According to exchange statistics, foreign institutional investors (FIIs) sold shares on Friday totaling a net Rs 8.79 crore.

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