Mumbai:

The equity benchmark indices made a comeback amid sustained foreign fund inflows and a sharp rally in blue-chip stock Reliance Industries. The positive trend in global markets also led to a rally in the domestic equities.

The BSE Sensex and Nifty rebounded on Monday after ending on a lower note on Friday. The 30-share index barometer opened with 456.05 points to 79,668.58 in early trade today, while the broader Nifty gained 112.85 points to 24,152.20.

Sensex pack gainers included Reliance Industries, which jumped 3 per cent. Other gainers included, Larsen & Toubro, NTPC Tata Steel, State Bank of India, Kotak Mahindra Bank, Mahindra & Mahindra, ICICI Bank, and IndusInd Bank. Laggards included Nestle, Tata Consultancy Services, HCL Tech, Tech Mahindra, and Bajaj Finance.

Foreign Institutional Investors (FIIs) pumped in Rs 2,952.33 crore to purchase domestic, exchange data showed.

“The major factor contributing to the resilience of the market is the sustained buying by FIIs in the last eight days. FIIs have turned sustained buyers in a dramatic reversal of their sustained selling strategy. This, in turn, is due to the relative under performance of US stocks, US bonds and dollar,” VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

Asian markets: Hong Kong’s Hang Seng, Tokyo’s Nikkei 225, and South Korea’s Kospi index traded in the positive territory while Shanghai SSE Composite quoted lower. The US stock markets settled higher on Friday. The global oil benchmark Brent crude gained 0.25 per cent to USD 67.04 a barrel.

The 30-share Sensex dropped 588.90 points to end at 79,212.53 on Friday. The Nifty declined 207.35 points to end at 24,039.35.

Vijayakumar also said that the tensions between India and Pakistan following the dastardly Pahalgam terror attack will weigh on the markets. Foreign investors bought equities worth Rs 17,425 crore last week.

Read More:

Ather Energy IPO opens: Price, GMP, Allotment | Details