Sensex Climbs Over 1,000 Points, Crosses 80,000-Mark

Equity benchmark indices Sensex and Nifty rebounded on Monday amid continued foreign fund inflows. The 30-share BSE benchmark gauge jumped over 1,000 points and crossed the 80,000-mark, while the NSE Nifty rallied more than 300 points to 24,340 as of 12:30 pm.

Reliance Industries, Mahindra & Mahindra, ICICI Bank, Tata Steel, State Bank of India, Kotak Mahindra Bank, IndusInd Bank, Larsen & Toubro and NTPC were among the gainers.

HCL Tech, Tech Mahindra, Tata Consultancy Services, Bajaj Finance and Nestle were among the laggards.

The major factor contributing to the resilience of the market is the sustained foreign buying due to the relative underperformance of US stocks, bonds and the dollar, VK Vijayakumar, chief investment strategist at Geojit Investments, told Reuters.

According to exchange data, foreign Institutional Investors (FIIs) bought equities worth Rs 2,952.33 crore on Friday, in spite of escalating tensions between India and Pakistan after a terror attack in Jammu and Kashmir’s Pahalgam.

Foreign investors infused Rs 17,425 crore in the country’s equity markets last week, supported by a combination of favourable global cues and strong domestic macroeconomic fundamentals. This came following a net investment of Rs 8,500 crore in the preceding holiday-truncated week ended April 18.

The BSE Sensex had tanked 588 points or 0.74 per cent to settle at 79,212 on Friday, while the Nifty tumbled 207 points or 0.86 per cent to 24,039.