Share Market: Buying in banking stocks brings market glory
New Delhi| Stock markets regained momentum in early trade on Monday due to buying in blue-chip ICICI Bank shares, strong trend in Asian counterparts and continuous buying by domestic institutional investors.
BSE Sensex rose 462.45 points to 79,864.74 in early trade. Whereas NSE Nifty rose by 112.1 points to reach 24,292.90 points.
Of the 30 Sensex stocks, ICICI Bank gained about 3 per cent. The private sector bank reported a profit of Rs 11,746 crore in the second quarter ended September 2024, registering a 14.5 per cent rise in single profit.
State Bank of India, IndusInd Bank, Infosys, HCL Technologies, Asian Paints and Hindustan Unilever were the other big gainers.
JSW Steel, Larsen & Toubro, Power Grid and ITC were among the laggards. In Asian markets, Seoul, Tokyo and Shanghai gained momentum, while Hong Kong recorded a decline. American markets closed with a mixed trend on Friday.
Foreign institutional investors (FIIs) sold shares worth Rs 3,036.75 crore on Friday, while domestic institutional investors (DIIs) bought shares worth Rs 4,159.29 crore, according to exchange data. Brent crude, the global oil standard, dropped 4.38 percent to $72.72 a barrel.
On Friday, the BSE Sensex fell 662.87 points, or 0.83 percent, to close at 79,402.29 points. Nifty closed at 24,180.80 points, down 218.60 points or 0.90 percent.
