Well Done Monday for Indian Stock Markets as Rally Extends to Fourth Straight Day
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Indian stock markets extended their winning momentum for the fourth consecutive session as easing crude prices, foreign investor buying, and improved global sentiment lifted investor confidence.
By Sakshi Singh
New Delhi, August 3: Indian stock markets closed higher on Monday, with the Sensex rising 544.39 points and the Nifty gaining 1.60 per cent, as a fall in crude oil prices, renewed foreign investor buying, and easing geopolitical tensions boosted investor confidence, extending the market's winning streak to four sessions.
Extending the winning momentum for the fourth straight day, the 30-share BSE Sensex jumped 544.39 points, or 0.70 per cent, to settle at 78,639.03. During the day, it surged 800.46 points, or 1 per cent, to 78,895.10.
The 50-share NSE Nifty climbed 390.70 points, or 1.60 per cent, to end at 24,774.30.
From the Sensex pack, InterGlobe Aviation, Tata Consultancy Services, Infosys, Eternal, ITC, and Axis Bank were among the major gainers.
Sun Pharma, Bharti Airtel, Maruti, and Tata Steel were among the laggards.
Brent crude, the global oil benchmark, tumbled 4.62 per cent to USD 83.88 per barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 277.48 crore on Friday, according to exchange data.
After four straight months of selling, foreign investors turned net buyers of Indian equities in July, pumping in Rs 20,200 crore, aided by attractive valuations, improving corporate earnings, and easing global headwinds.
"The decline in crude oil prices, driven by expectations of renewed dialogue between the US and Iran, provided relief to markets by easing concerns over inflation and corporate earnings. Market sentiment was further supported by a rebound in FII inflows and a strengthening rupee, although elevated US bond yields remain a key risk to the sustainability of foreign flows into emerging markets," Vinod Nair, Head of Research at Geojit Investments Ltd, said.
In Asian markets, South Korea's KOSPI tanked 5.12 per cent. Japan's Nikkei 225 index and Shanghai's SSE Composite index also settled lower, while Hong Kong's Hang Seng index ended higher.
Markets in Europe were trading in the green. US markets ended in positive territory on Friday.
On Friday, the Sensex climbed 166.49 points, or 0.21 per cent, to settle at 78,094.64. The Nifty gained 66.45 points, or 0.27 per cent, to end at 24,383.60.
(With PTI Inputs)
