Domestic benchmark indices rose on Monday, after facing hefty selloff last week, led by gains in private banks and IT stocks
Sensex Today: Benchmark indices Nifty and Sensex opened in green on Monday with the BSE Sensex rising 271.33 points to 74,419.48 and the NSE Nifty50 advancing 70.15 points to 22,546.
Kotak Mahindra Bank, TCS, JSW Steel were among the top gainers while Titan, SBI, Power Grid were major laggards, on BSE.
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On NSE, Britannia, Kotak Mahindra Bank were among the top gainers while Titan Shriram Finance were among the top losers.
In the broader markets, Nifty SmallCap and MidCap were up over 0.10 per cent each.
Realty, FMCG, IT and Auto lead sectoral gains on the NSE.
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Expert Take: Dr. V K Vijayakumar, Geojit Financial
The US jobs data for April has come lower-than-expected indicating weakening labour market and slowing economy. US unemployment has risen to 3.9% in April. So the possibility of a rate cut by the Fed has again brightened. The decline in the dollar index to 105.8 and the cut in the 10-year US bond yield to 4.49% augur well for the market. Positive comment by Warren Buffett that India is an untapped market with great potential is hugely important. FIIs can take a cue from that rather than react every time to changes in US bond yields.
Global Cues
On Monday, Asian stocks saw an uptick as investors renewed their expectations that the Federal Reserve might implement rate cuts later this year. Meanwhile, the yen experienced a decline following a significant surge last week, which was attributed to suspected currency intervention by Tokyo.
Wall Street experienced a significant uptick, buoyed by a milder-than-anticipated employment report. This strengthened the argument for potential rate cuts from the Federal Reserve, while simultaneously showcasing the resilience of the US economy.
