Stock market up almost 500 points amid strong global cues
After witnessing a decline of about 5 per cent over the previous five consecutive trading sessions, the domestic benchmark indices closed in green on Monday amid strong global cues.
The domestic markets, Sensex and Nifty, were trading 1 per cent higher during early trading hours on Monday, ahead of of the Union Budget 2021-22 presentation in Parliament.
The 30-share Sensex was trading higher by 471.95 points or 1.02 per cent at 46,757.72, and the broader Nifty was up 121.20 points or 0.89 per cent at 13,755.80.
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On the Sensex chart, IndusInd Bank, trading higher by over 7 per cent, followed by ICICI Bank, HDFC, Larsen, HDFC Bank and SBI
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Of the 30 Sensex constituents, 17 shares were trading in the green.
Losers included Dr Reddy’s labs, Tech Mahindra, HUL, TCS, Asian Paints and Kotak Mahindra.
On Friday, the Sensex had closed 588.59 points or 1.26 per cent lower at 46,285.77, and the Nifty had settled 182.95 points or 1.32 per cent down at 13,634.60.
Over the previous six sessions, the Sensex has lost 3,506.35 points or 7.04 per cent, and the Nifty has shed 1,010.10 points or 6.89 per cent.
Finance Minister Nirmala Sitharaman is set to present the Union Budget 2021-22 in Parliament at 11.00 am, later in the day.
Market experts and economists are of the view that this budget will be critical in terms of picking up the pieces after the economic destruction caused by the COVID-19 pandemic.
Foreign portfolio investors (FPIs) offloaded shares worth a net Rs 5,930.66 crore on Friday, according to exchange data.
Elsewhere in Asia on Monday, stock markets were in recovery mode in afternoon session, after four sessions of losses.
The global oil benchmark Brent crude futures rose 0.34 per cent to $55.38 per barrel and WTI jumped 0,23 per cent at $52.43 a barrel.
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