19 August,2024 10:32 AM IST | Mumbai | mid-day online correspondent
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Benchmark equity indices Sensex and Nifty climbed in early trade on Monday amid buying in blue-chip stocks Reliance Industries and ITC along with encouraging participation from retail investors.
According to stock market update, the 30-share BSE Sensex climbed 287.56 points to 80,724.40 in early trade. The NSE Nifty went up by 97.65 points to 24,638.80.
Among the 30 Sensex firms, NTPC, Titan, Tata Steel, ITC, Reliance Industries, State Bank of India, Bajaj Finance and JSW Steel were the biggest gainers.
Mahindra & Mahindra, Nestle, Tata Motors and Bharti Airtel were among the laggards.
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In Asian markets, Shanghai and Hong Kong quoted higher while Seoul and Tokyo traded lower.
The US markets ended in the positive territory on Friday.
Foreign Institutional Investors (FIIs) turned buyers on Friday as they bought equities worth Rs 766.52 crore, according to exchange data.
Domestic Institutional Investors (DIIs) bought equities worth Rs 2,606.18 crore on Friday.
"The complete dominance of the DII and retail investors over the market is the single major factor driving this bull run even though there are fundamental factors supporting the rally," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, told PTI while speaking about the stock market update.
"The index is now approaching a resistance zone near 24,700, with the potential to fill the 5th August downside gap. A decisive move above 24,550 could lead to further gains, with targets set around 24,700 and 25,000" Varun Aggarwal, MD, Profit Idea, told ANI while speaking about the stock market update.
He further added "In technical terms, the Nifty 50's recent green candlestick pattern, coupled with its closing above the 50-day EMA suggests a bullish outlook. However, traders should focus on stocks consolidating at or below sector valuations for potential short-term gains".
Global oil benchmark Brent crude dipped 0.19 per cent to USD 79.53 a barrel.
The BSE benchmark jumped 1,330.96 points or 1.68 per cent to settle at 80,436.84 on Friday, marking its best single-day gains in more than two months. The NSE Nifty surged 397.40 points or 1.65 per cent to settle at a two-week high of 24,541.15.
The Asian markets showed mixed results, with the Asia Dow up by 2.82 per cent while Japan's Nikkei 225 down by 0.42 per cent, South Korea's KOSPI marginally lower by 0.01 per cent, and the Shanghai Composite up by 0.14 per cent at the time of filing this report.
The U.S. markets closed marginally higher on Friday, with the Nasdaq Composite up by 0.21 per cent, the S&P 500 gaining 0.20 per cent, and the Dow Jones Industrial Average rising 0.24 per cent.
In the commodity market, the Oil prices were slightly lower, with WTI at USD 76.53 and Brent at USD 79.55. The U.S. Dollar Index traded 0.03 per cent higher at 102.43.
(With inputs from PTI and ANI)
