Sensex, Nifty Surge on Strong Global Cues and FIIs Buying
Sensex jumps 368 points, Nifty nears 25,000 as IT, banking, and FMCG stocks rally.
- Sensex up 368 points at 81,469; Nifty at 24,974, close to 25,000 mark.
- IT, banking, and FMCG stocks lead rally; auto and metal stocks see selling pressure.
- Top gainers: TCS, Jio Financial, HCL Tech, Tech Mahindra, L&T.
- Top losers: Hero MotoCorp, Maruti Suzuki, Tata Motors, Hindalco, Tata Steel.
GG News Bureau
Mumbai, 10th Sept: The domestic equity markets opened with sharp gains on Wednesday, tracking strong global cues, robust corporate earnings, and heavy buying in select sectors.
At 9:15 am, the Sensex rose 368.18 points to trade at 81,469.50, while the NSE Nifty advanced 105.55 points to 24,974.15, inching closer to the psychological 25,000 mark.
Banking, IT, auto, and FMCG stocks witnessed strong momentum, boosting investor sentiment. Among Nifty’s top gainers were TCS, Jio Financial, HCL Technologies, Tech Mahindra, and Larsen & Toubro (L&T). On the other hand, Hero MotoCorp, Maruti Suzuki, Tata Motors, Hindalco Industries, and Tata Steel were among the top losers.
In the Sensex pack, HCL Tech, TCS, Tech Mahindra, L&T, Infosys, and Kotak Mahindra Bank posted solid gains, while Mahindra & Mahindra, Maruti Suzuki, Tata Motors, and Sun Pharma lagged.
According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “A major positive for the market today is President Trump’s initiative to strengthen India-US ties and Prime Minister Modi’s encouraging response.”
Foreign Institutional Investors (FIIs) continued their buying spree, while the rupee appreciated 5 paise to 88.10 against the US dollar in early trade, supported by inflows and a weaker greenback. The currency opened at 88.11 and strengthened marginally. However, a slight rise in global crude oil prices capped further gains for the local currency.
