Share Market: Stock market swung on the first trading day of the week; Sensex recovered 600 points, Nifty crossed 24 thousand

New Delhi| The domestic stock market opened with a bang on Monday, the first trading day of the week. As soon as trading started, Sensex raced towards the level of 80 thousand, while Nifty crossed the level of 24 thousand. Sensex jumped 599.66 points to 79,152.86 points in early trade, while Nifty climbed 152.55 points to 24,004.20 points.

Sensex regains 79,000 level
Equity benchmark indices Sensex and Nifty surged in early trade on Monday due to buying after earnings announcements by HDFC Bank, ICICI Bank and continued inflow of foreign funds. The 30-share BSE benchmark Sensex jumped 599.66 points to 79,152.86 in early trade. NSE Nifty climbed 152.55 points to reach 24,004.20 points.

Who benefits and who suffers?
Among Sensex companies, Tech Mahindra, Axis Bank, HDFC Bank, Infosys, State Bank of India and IndusInd Bank appeared to be the biggest gainers. Adani Ports, ITC, Bharti Airtel, Titan, Hindustan Unilever and Sun Pharma were trading in the red. Foreign institutional investors (FIIs) bought shares worth Rs 4,667.94 crore on Thursday, according to exchange data.

Shares of HDFC, ICICI and Infosys rose
HDFC Bank shares rose more than one percent as the company reported a 7 percent increase in its consolidated net profit in the March quarter. It stood at Rs 18,835 crore. However, the bank expressed concern over pricing issues in the home and corporate loan segments. Similarly, ICICI Bank reported a 15.7 percent increase in consolidated net profit in the March quarter. It stood at Rs 13,502 crore. Due to this its shares also rose by one percent. Infosys, India’s second-largest IT company, reported an 11.7 percent decline in consolidated net profit in the March quarter. Despite this, its shares registered a rise of more than one percent.

Condition of Asian and American markets
In Asian markets, the Ghai SSE Composite Index was seen trading in positive territory, while South Korea’s Kospi Index and Tokyo’s Nikkei 225 hit the red mark. On Thursday, American markets mostly closed with a decline. On Friday, the stock markets were closed for ‘Good Friday’.