Benchmark indices face first weekly decline, steepest in 20 weeks
Sensex and Nifty faced their first weekly decline after four weeks of gains on Friday. The Sensex dropped to a low of 72,485 while the NSE Nifty 50 dipped to a low of 21,932.
Sensex gainers were – Reliance Industries skyrocketing nearly 3% followed by L&T surging 1.5%. Stocks like Bajaj Finserv, Bajaj Auto, M&M, and Bajaj Finance climbed more than 1% each.
The Indian stock market traded in the green on Monday morning with the BSE Sensex touching a new record high. Sensex has touched a fresh high of 58,515.85 points and the Nifty50 on the National Stock Exchange 17,429.55 points.
The domestic equities were driven by broad-based buying across sectoral indices with energy and capital goods stocks outperforming. Heavyweight stocks were in a sharp rally with behemoth Reliance Industries (RIL) leading the bull run and even earmarking a new all-time high.
Advertisement
Around 10.15 a.m., Sensex was trading at 58,421.04, higher by 291.09 points or 0.50 percent from its previous close of 58,129.95 points. It opened at 58,411.62 points and has touched an intraday low of 58,334.28 points.
Advertisement
The Nifty50 on the National Stock Exchange was trading at 17,392.50, higher by 68.90 points or 0.4 percent from its previous close.
The surge in the shares of index-heavyweight Reliance Industries lifted the Indian indices. Its shares on the BSE were trading at Rs 2,461.45, higher by Rs 73.20 or 3.07 percent from its previous close.
Some consolidation is expected today in the large caps while midcaps could record more headway on the upside.
Sensex gainers were – Reliance Industries skyrocketing nearly 3% followed by L&T surging 1.5%. Stocks like Bajaj Finserv, Bajaj Auto, M&M, and Bajaj Finance climbed more than 1% each.
Stocks like HUL, Bharti Airtel, and HCL Tech climbed between 0.5-1%.
Sensex underperformers were – Tata Steel slipping over 1.1% followed by Power Grid and Asian Paint diving 0.7% each. HDFC Bank, NTPC, TCS, and Axis Bank were marginally down.
In terms of sectoral indices, on BSE, the Energy index advanced nearly 2.5%. While Capital Goods index jumped over 340 points and the Consumer Durables index climbed nearly 300 points. BSE Industrial and Realty index also soared around 1% each.
Asian stocks were broadly on a bull run despite lower Wall Street last week after US job data that was weaker than expected. Japan’s Nikkei 225 strengthened nearly 2% after Prime Minister Yoshihide Suga announced that he will not be running during the upcoming leadership election.
Further, China’s Shanghai Composite index advanced more than 1%, while Hong Kong’s Hang Seng jumped 0.5%. However, South Korea’s KOSPI traded flat. On the contrary, Australia’s S&P/ASX underperformed by tumbling nearly 0.6%.
US job report in August 2021, showed that the country added 235,000 positions which were far short of expectations.
Advertisement