Indian Markets Surge as Nifty Crosses 24,000 Amid Strong Sector Performance
Market opens on firm note; breadth strong
Business Standard
Image: Business Standard
The Indian equity markets opened strongly on Monday, with the Nifty index surpassing the 24,000 mark. Key sectors such as metal, IT, and real estate drove gains, while foreign portfolio investors sold shares worth ₹8,827.87 crore. The market breadth remained positive with a strong rise in mid-cap and small-cap indices.
- 01Nifty index crossed the 24,000 mark, rising 139.75 points or 0.60%.
- 02S&P BSE Sensex gained 496.82 points or 0.65% to reach 77,161.03.
- 03MidCap Index increased by 0.96% and SmallCap Index surged by 1.21%.
- 04Foreign portfolio investors sold shares worth ₹8,827.87 crore.
- 05Reliance Industries reported a profit decline despite revenue growth.
Advertisement
In-Article Ad
The Indian equity markets opened on a firm note on Monday, with the Nifty 50 index advancing 139.75 points or 0.60% to surpass the 24,000 level, while the S&P BSE Sensex rallied 496.82 points or 0.65% to reach 77,161.03. Broad-based buying was evident as all sectoral indices on the National Stock Exchange (NSE) traded positively, particularly in the metal, IT, and real estate sectors. The BSE 150 MidCap Index and BSE 250 SmallCap Index also saw significant gains, rising 0.96% and 1.21%, respectively. The market breadth was strong, with 2,468 shares rising against 728 shares that fell. However, foreign portfolio investors (FPIs) sold shares worth ₹8,827.87 crore, while domestic institutional investors (DIIs) were net buyers at ₹4,700.71 crore. In corporate news, Reliance Industries experienced an 8.9% year-on-year decline in profit despite a 12.9% revenue growth, while Axis Bank's standalone net profit marginally decreased by 0.64%. Overall, the market sentiment remains optimistic amid positive global cues and strong sector performance.
Advertisement
In-Article Ad
The strong performance of the equity markets can positively influence investor confidence and spending. Homebuyers and investors may see increased market activity, potentially leading to better financing options and investment opportunities.
Advertisement
In-Article Ad
Reader Poll
Do you think the Indian equity market will continue to rise in the coming weeks?
Connecting to poll...
More about Reliance Industries
Read the original article
Visit the source for the complete story.