Indian stocks start new week on a flyer, Sensex jumps nearly 1,000 pts
Keeping the early gains intact, stock indices in India closed with handsome gains on Monday. In the process, it made a good start to the new week and helped regain some of the recent losses.
ANI
Nov 25, 2024 16:29 IST
New Delhi [India], November 25 (ANI): Indian stock indices closed with significant gains on Monday, maintaining the early momentum. This marked a strong start to the new week and helped recover some of the recent losses.
The Sensex closed at 80,109.85 points, up by 992.74 points or 1.25 per cent, while the Nifty ended at 24,221.90 points, gaining 314.65 points or 1.32 per cent. All sectoral indices traded in positive territory, with Nifty Bank, PSU Bank, Realty, and Oil & Gas emerging as the top performers.
The Sensex, however, remains about 6,000 points below its all-time high of 85,978 points. Recent bearish sessions have been attributed to fund outflows, lower-than-expected Q2 earnings of India Inc, and persistently high inflation.
Vinod Nair, Head of Research at Geojit Financial Services, stated that the results of major state elections lifted market sentiment and increased the likelihood of stability in government spending during the second half of 2024-25.
"The rally was broad-based, with capex-linked sectors such as infrastructure, capital goods, and industrials outperforming in anticipation of a surge in new order inflows. The outlook for H2 remains positive, supported by a good monsoon, festive demand, and the marriage season, which could offset the impact of Q2 earnings downgrades," Nair said.
"Despite challenges, positive domestic cues and political stability buoyed market sentiment. The BJP's strong performance and its alignment with growth-oriented policies boosted investor confidence, paving the way for potential market recovery," said Vikram Kasat, Head - Advisory, PL Capital at Prabhudas Lilladher.
Meanwhile, foreign portfolio investors (FPIs) appear set to end November as net sellers in Indian stock markets for the second consecutive month, after being net buyers for four straight months until September.
According to data from the National Securities Depository Limited (NSDL), FPIs have sold stocks worth Rs 26,533 crore in India so far in November.
Looking ahead to December, the Reserve Bank of India's (RBI) bi-monthly Monetary Policy Committee (MPC) meeting will be closely watched for fresh cues. Persistent food inflation continues to delay rate cuts by the central bank.
Additionally, GDP data for the July-September quarter, set to be released at 4 pm on November 29, will be a key focus. The Indian economy grew by 6.7 per cent in the April-June quarter, falling short of the RBI's 7.1 per cent forecast. (ANI)
Get the App
