Share Market Opening Bell: Greenery returns to stock market; Sensex jumps 450 points, Nifty also rises

New Delhi| Greenery was seen in the domestic stock market on Monday i.e. the first trading day of the week. Sensex opened with a jump of close to 500 points and Nifty with a jump of more than 100 points. Sensex jumped 456.05 points to 79,668.58 points in early trade, while Nifty rose 112.85 points to 24,152.20 points. Similarly, the rupee rose by 12 paise to 85.29 against the US dollar in early trade.

Earlier, due to selling in Axis Bank and increasing tension on the India-Pakistan border after the terrorist attack in Pahalgam, Jammu and Kashmir, there was a big fall in the major indices of the stock market Sensex and Nifty on Friday. The 30-share BSE Sensex had closed at 79,212.53 points, down 588.90 points, or 0.74 per cent, losing the early gains. The NSE Nifty had fallen for the second consecutive day, falling 207.35 points, or 0.86 per cent, to 24,039.35 points.

Rise in Reliance Industries due to buying and inflow of foreign funds
Equity benchmark indices Sensex and Nifty surged in early trade on Monday amid sustained inflows of foreign funds and a sharp rise in blue-chip stock Reliance Industries. A strong trend in global markets also strengthened the rise in domestic equities. The 30-share BSE benchmark index jumped 456.05 points to 79,668.58 in early trade. NSE Nifty rose 112.85 points to 24,152.20.

Three percent rise in Reliance Industries
Among Sensex companies, Reliance Industries gained three percent. The company reported a 2.4 percent increase in net profit for the March quarter. Store rationalization in retail turnover and improved margins in telecommunications compensated for the weakness in the main oil and petrochemical turnover.

Who benefits and who suffers?
Mahindra & Mahindra, ICICI Bank, Tata Steel, State Bank of India, Kotak Mahindra Bank, IndusInd Bank, Larsen & Toubro and NTPC were also seen among the gainers. HCL Tech, Tech Mahindra, Tata Consultancy Services, Bajaj Finance and Nestle moved ahead with weakness. Foreign institutional investors (FIIs) bought shares worth Rs 2,952.33 crore on Friday, according to exchange data.

Condition of Asian and American markets
In Asian markets, South Korea’s Kospi index, Tokyo’s Nikkei 225 and Hong Kong’s Hang Seng were trading positively, while the Shanghai SSE composite recorded a decline. American markets closed with gains on Friday.