NEW DELHI: Equity indices continued to surge on Monday with the benchmark BSE sensex rising over 200 points led by gains in banking and IT stocks.
The 30-share BSE sensex jumped 228 points or 0.44 per cent to close at fresh peak of 52,329. While the broader NSE Nifty settled 81 points or 0.52 per cent higher at record of 15,752.
PowerGrid, NTPC, Ultracemco, Reliance and IndusInd Bank were the top gainers in the sensex pack rising as much as 5.02 per cent.
While Bajaj Finance, Bajaj Finserv, HDFC, Dr Reddy and SBI were the major losers falling up to 4.43 per cent.
On the NSE platform, sub-indices Nifty Media, IT and Private Bank gained up to 1.16 per cent.
“With lockdowns getting lifted and the economy coming back to normal, we remain optimistic on the market,” Samrat Dasgupta, chief executive of Esquire Capital Investment Advisors told news agency Reuters.
Daily Covid-19 cases in India have seen a downward trend since early-May, with data over the weekend showing that fresh infections stayed below the 200,000-mark for over a week. On Monday, it reported 100,636 new cases, the lowest in two months.
Meanwhile, foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth 1,499.37 crore on Friday, as per provisional exchange data.
FIIs have come back strongly this month with net equity purchases worth Rs 7,967 crore till June 4, he said, adding that frenzied retail participation is imparting resilience to markets.
Economic activity is likely to gather momentum as most states are gradually opening up since fresh Covid cases have fallen, V K Vijayakumar, chief investment strategist at Geojit Financial Services told news agency PTI.
Besides, GST collections in May at Rs 1.02 lakh crore came as a surprise since May was a month of subdued economic activity. “This is a reflection of the underlying strength and growth impulses in the economy,” he added.
(With inputs from agencies)

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *