India International Times Latest Business News from India
Indian equity markets began the week on a strong note, with key indices closing in the green on Monday, driven by robust buying in realty, banking, and IT stocks. The BSE Sensex surged 591.69 points, or 0.73%, to close at 81,973.05, while the NSE Nifty rose by 163.70 points, or 0.66%, ending at 25,127.95.
Midcap and smallcap indices also gained, with the Nifty Midcap 100 closing at 59,465.45 after a 0.43% rise, and the Nifty Smallcap 100 climbing 0.55% to close at 26,197.90.
Buying activity was strong across multiple sectors, including realty, IT, financial services, private banks, auto, PSU banks, pharma, and FMCG. However, pressure persisted in the media, metal, and oil & gas sectors.
Market breadth was mixed, with 1,952 shares advancing and 1,919 declining on the BSE. About 140 shares remained unchanged by the close.
Among Nifty’s top gainers were Wipro, Tech Mahindra, HDFC Life, L&T, and HDFC Bank. On the losing side, ONGC, Maruti Suzuki, Tata Steel, and Bajaj Finance ended the day in the red.
Foreign Institutional Investors (FIIs) increased their selling on October 11, offloading equities worth Rs 4,162.66 crore, while Domestic Institutional Investors (DIIs) boosted their buying, purchasing equities worth Rs 3,730.87 crore on the same day.
Market Sentiment
Market experts attributed the positive sentiment to optimism surrounding potential rate cuts by the Reserve Bank of India (RBI), bolstered by strong domestic tax collections. Additionally, investors are keeping a close watch on upcoming earnings reports from major companies, including Infosys, as well as the much-anticipated Hyundai Motor India IPO.
“Globally, attention is focused on third-quarter earnings and the upcoming European Central Bank rate decision, with US stock futures and European shares showing an upward trend,” said Vikram Kasat of Prabhudas Lilladher.
Trade analysts also noted that Nifty appears to have resumed its uptrend toward the 25,500 mark following a brief three-day consolidation period.
