16 September,2024 10:25 AM IST | Mumbai | mid-day online correspondent
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Equity benchmark indices rebounded in early trade on Monday, with the Nifty hitting a fresh all-time high level, amid foreign fund inflows and a rally in the US markets.
The 30-share BSE Sensex climbed 180.92 points to 83,071.86 in early trade. The NSE Nifty went up by 55.1 points to 25,411.60. Later, the NSE benchmark jumped 89.2 points to hit a new record peak of 25,445.70, reported news agency PTI.
Among the 30 Sensex firms, NTPC, Axis Bank, Tata Steel, JSW Steel, Kotak Mahindra Bank, Bajaj Finserv, Larsen & Toubro and Bajaj Finance were the biggest gainers.
Hindustan Unilever, Nestle, ICICI Bank and Tata Consultancy Services were the laggards. In Asian markets, Shanghai and Hong Kong were trading lower.
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The US markets ended in positive territory on Friday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 2,364.82 crore on Friday, according to exchange data. Domestic Institutional Investors (DIIs) also bought equities worth Rs 2,532.18 crore.
Global oil benchmark Brent crude traded 0.07 per cent higher at USD 71.66 a barrel.
"Globally equity markets will be focused on the Fed rate action on Wednesday which is likely to influence the stock market trend in the near-term," V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said while speaking about the stock market update.
"The Fed rate cut is coming this Wednesday. The main debate is should the Fed go in with a 50 bps cut or stick to a 25 bps cut. Over the last three decades, the Fed has started with a 50 bps cut when the economy was in the throes of a recession. Present economic conditions do not warrant a 50 bps cut," Ajay Bagga, Banking and Market expert, told ANI while speaking about the stock market update.
He further told ANI that "India is seeing increasing FII inflows and a weaker US Dollar will increase these flows. We remain optimistic on the Indian markets, backed by a strong macro, global central bank action and domestic plus international flows both providing a fillip to Indian markets".
On Friday, the BSE benchmark Sensex fell by 71.77 points or 0.09 per cent to settle at 82,890.94. The NSE Nifty dropped 32.40 points or 0.13 per cent to 25,356.50.
The rupee appreciated by 5 paise to 83.87 against the US dollar in early trade on Monday supported by weakening of the American currency in the overseas market and significant foreign fund inflows.
Forex traders said market participants are eagerly awaiting cues from the US Fed policy on Wednesday, with a rate cut all but certain. However, the magnitude of the cut remains uncertain.
Moreover, the rupee continues to hold steady within a well-defined range on active intervention by the Reserve Bank of India (RBI), they added.
At the interbank foreign exchange market, the local unit opened at 83.89, then inched further to touch 83.87, registering a rise of 5 paise from its previous close.
On Friday, the local unit settled higher by 4 paise at 83.92 against the US dollar.
(With inputs from PTI and ANI)
