The Bombay Stock Exchange witnessed a significant surge as the Sensex jumped by a remarkable 1,006 points, breaching the 80,000 mark. The rally was primarily fueled by a surge in Reliance Industries and private banks, coupled with robust foreign fund inflows. This surge came amidst tensions along the India-Pakistan border, which had previously impacted the markets.
Reliance Industries emerged as a standout performer, with a notable 5.27% surge in its stock price. The company reported a better-than-expected 2.4% increase in net profit for the March quarter, further boosting investor confidence. Mahindra & Mahindra also experienced a significant uptick of 2.29% following its acquisition of SML Isuzu, a move that was well-received by the market despite SML Isuzu Ltd shares witnessing a decline of 10%.
Other major gainers on the Sensex included Sun Pharma, Tata Steel, State Bank of India, Axis Bank, Tata Motors, Larsen & Toubro, and ICICI Bank. On the flip side, HCL Tech, UltraTech Cement, Nestle, and Hindustan Unilever lagged behind.
Foreign Institutional Investors (FIIs) played a pivotal role in driving market sentiment, with significant equity purchases amounting to Rs 2,952.33 crore. Overall, foreign investors injected a substantial Rs 17,425 crore into the Indian equity markets during the week, buoyed by positive global cues and robust domestic macroeconomic fundamentals.
Market experts attributed the market rebound to sustained FII buying, favorable results from Reliance Industries, and a positive outlook driven by a weakening dollar and inflationary pressures in the US. Vinod Nair, Head of Research at Geojit Investments Limited, highlighted the impact of these factors on bolstering investor confidence.
Across global markets, Asian indices like South Korea’s Kospi and Tokyo’s Nikkei 225 closed in positive territory, while Shanghai SSE Composite and Hong Kong’s Hang Seng ended lower. European markets exhibited a positive trend, mirroring gains in US markets that closed higher on the preceding Friday.
Despite these positive market movements, the global oil benchmark Brent crude saw a slight dip to USD 66.74 per barrel. The previous trading session had seen the BSE Sensex shedding 588.90 points, closing at 79,212.53, while the Nifty recorded a decline of 207.35 points, settling at 24,039.35.
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