Larsen & Toubro, Axis Bank, and Tata Steel Lead Gainers in Monday’s Market Trade
Monday’s trading session saw Larsen & Toubro, Axis Bank, and Tata Steel emerge as the top gainers, while State Bank of India, Hindustan Unilever, and Tata Motors experienced a decline. This trend mirrored the performance of other major Asian markets, which all ended the day in positive territory.
The Indian benchmark indices, namely the Sensex and the Nifty, continued their upward trajectory for the third consecutive session on Monday. This surge was fueled by the strong performance of IT, private banks, and capital goods shares, as well as optimistic trends in global markets.
The 30-share BSE Sensex soared by 594.91 points or 0.92%, settling at 64,958.69. At its peak during the day, it surged by 628.76 points or 0.97% to reach 64,992.54. Similarly, the broader Nifty of the National Stock Exchange climbed by 181.15 points or 0.94% to reach 19,411.75.
Among the Sensex firms, Larsen & Toubro, Axis Bank, Tata Steel, Bajaj Finance, Power Grid, Asian Paints, Mahindra & Mahindra, and Bajaj Finserv experienced the most significant gains. On the other hand, State Bank of India, Hindustan Unilever, Tata Motors, and Titan faced losses.
Investor sentiment remained optimistic due to soft US payroll data and expectations of a slowdown in monetary tightening by the Federal Reserve. Vinod Nair, Head of Research at Geojit Financial Services, pointed out that since most of the challenges are global in nature, investors are shifting their focus towards domestic-oriented businesses, especially those benefiting from healthy festive demand.
In the Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong all closed in the green. European markets, however, were trading lower, while the US markets ended on a positive note last Friday.
Meanwhile, the global oil benchmark Brent crude experienced a 1.35% increase, reaching USD 86.04 per barrel. On Friday, foreign institutional investors (FIIs) offloaded equities worth Rs 12.43 crore, according to exchange data.
To summarize Friday’s trading session, the BSE benchmark rose by 282.88 points or 0.44% to settle at 64,363.78, while the Nifty advanced by 97.35 points or 0.51% to reach 19,230.60.
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