Sensex Today: Indian shares advanced on Monday, helped by a recovery in financials, strong domestic earnings, and on improved sentiment following robust economic data from the United States.
Gains in IndusInd Bank, Tata Motors, Bajaj twins, HCL Tech, Kotak Bank, Maruti Suzuki, and HDFC twins lifted the frontline S&P BSE Sensex to 61,764, up 710 points. The Nifty50, too, climbed 203 points to settle at 18,272.
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In the broader markets, the BSE MidCap and SmallCap indices advanced 0.94 per cent and 0.56 per cent, respectively.
Among sectors, the Nifty Private Bank, Realty, and Auto indices gained around 1.7 per cent each. The Nifty PSU Bank index was the only loser, down 0.78 per cent.
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Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “Support from global markets and sustained FII buying can revive positive market sentiments which were impacted by heavy delivery selling of Rs 4500 crores in HDFC twins last Friday. It is important to note that the fundamentals of the HDFC twins are strong and the selling was triggered by fears of outflows after the merger due to MSCI weighting update. Cues from the mother market US indicate that the fears from the regional banking crisis are receding. The April US jobs data, which came at a much better-than-expected 253000 jobs reflect a strong economy which may even avoid a recession.”
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“FIIs have been continuous buyers in India during the last seven trading sessions, cumulatively buying equity worth Rs 11700 crores. Rupee appreciation is aiding FII buying,” he added.
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Global Cues
In the US, a sharp rebound in regional bank stocks and shares of Apple Inc lifted key indices on Friday. The Dow added 1.65 per cent, while the S&P 500 and Nasdaq Composite rallied 1.85 per cent and 2.25 per cent respectively.
In Asia this morning, Hang Seng, S&P/ASX 200 and Kospi moved up to 0.8 per cent higher, while Nikkei and Strait times held minor losses.
