Stock Markets Rebound: Crude Oil Drop, Global Cues Boost Sensex
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Indian stock markets, Sensex & Nifty, rebound on Monday. Lower crude oil prices, strong global cues, and FII inflows drive gains. Key stocks surge.
Mumbai, Jun 22 (PTI) Stock market benchmark indices Sensex and Nifty rebounded in early trade on Monday following a decline in crude oil prices and supportive global cues.
Fresh foreign fund inflows and buying in blue-chips Reliance Industries and HDFC Bank also added to markets' optimism.
The 30-share BSE Sensex climbed 407.12 points to 77,210.02 in early trade. The 50-share NSE Nifty surged 114.75 points to 24,129.95.
From the 30-Sensex firms, Reliance Industries, Tech Mahindra, Infosys, Bajaj Finance, HDFC Bank and HCL Tech were among the major winners.
Titan, InterGlobe Aviation, Adani Ports and ITC were among the laggards.
Brent crude, the global oil benchmark, traded 1.50 per cent lower at USD 79.36 per barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 4,859.07 crore on Friday, according to exchange data.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index quoted higher, while Hong Kong's Hang Seng index trade lower.
US markets were closed on Friday for Juneteenth holiday.
The US and Iran have agreed on a roadmap aimed at reaching a final agreement within 60 days following two days of talks at the Swiss resort of Burgenstock, according to a joint statement issued by mediators Pakistan and Qatar on Monday.
"Global cues remain supportive at the start of the week. While US markets were closed on Friday for Juneteenth, Thursday's strong rally in the Nasdaq and S&P 500, led by semiconductor stocks, continues to provide a positive undertone despite the Federal Reserve maintaining a cautious stance," Rajesh Palviya, Head of Research, Axis Direct, said.
On Friday, the Sensex dropped 607.08 points, or 0.78 per cent, to settle at 76,802.90. The Nifty declined 154.90 points, or 0.64 per cent, to end at 24,013.10.
Fresh foreign fund inflows and buying in blue-chips Reliance Industries and HDFC Bank also added to markets' optimism.
The 30-share BSE Sensex climbed 407.12 points to 77,210.02 in early trade. The 50-share NSE Nifty surged 114.75 points to 24,129.95.
From the 30-Sensex firms, Reliance Industries, Tech Mahindra, Infosys, Bajaj Finance, HDFC Bank and HCL Tech were among the major winners.
Titan, InterGlobe Aviation, Adani Ports and ITC were among the laggards.
Brent crude, the global oil benchmark, traded 1.50 per cent lower at USD 79.36 per barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 4,859.07 crore on Friday, according to exchange data.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index and Shanghai's SSE Composite index quoted higher, while Hong Kong's Hang Seng index trade lower.
US markets were closed on Friday for Juneteenth holiday.
The US and Iran have agreed on a roadmap aimed at reaching a final agreement within 60 days following two days of talks at the Swiss resort of Burgenstock, according to a joint statement issued by mediators Pakistan and Qatar on Monday.
"Global cues remain supportive at the start of the week. While US markets were closed on Friday for Juneteenth, Thursday's strong rally in the Nasdaq and S&P 500, led by semiconductor stocks, continues to provide a positive undertone despite the Federal Reserve maintaining a cautious stance," Rajesh Palviya, Head of Research, Axis Direct, said.
On Friday, the Sensex dropped 607.08 points, or 0.78 per cent, to settle at 76,802.90. The Nifty declined 154.90 points, or 0.64 per cent, to end at 24,013.10.
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