Market Update: Nifty Approaches 24,100; Sensex Gains 250 Points. FMCG and Auto Stocks Gain

Sensex and Nifty indices saw notable increases on Monday due to robust blue-chip stock purchasing. The BSE Sensex increased by 250 points at 10:20 AM to close at 79,282, while the NSE Nifty50 increased by 82 points to close at 24,092.

Stock Performance: TechM, TCS, JSW Steel, HUL, Airtel, and Tata Steel were the biggest gainers on the 30-share Sensex platform. Conversely, losses were incurred by NTP, PowerGrid, Sun Pharma, L&T, SBI, and IndusInd Bank. The BSE Smallcap index rose by 0.69% and the BSE Midcap index rose by 0.25% in the overall market.

Sectoral Trends: Nifty Realty and Nifty PSU Bank saw declines, while Nifty Metal, Nifty Pharma, and Nifty IT saw gains. The BSE Sensex concluded Friday’s session 210 points lower at 79,032, while the NSE Nifty50 fell 34 points to 24,011.

“The market is expected to hold up despite lofty valuations. Fundamentally sound large-caps like RIL, top private sector banks, and Bharti Airtel are driving the recent rally, which sent the Nifty up 6.5% in June, according to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Overview of the Global Market: Seoul, Tokyo, and Shanghai all quoted higher in Asian markets. But on Friday, US markets closed down. The benchmark for world oil, Brent crude, increased by 0.52% to $85.44 a barrel.

Foreign Investment and Rupee Movement: According to exchange data, Foreign Institutional Investors (FIIs) offloaded stocks worth Rs 23.09 crore on Friday. In early trade on Monday, the rupee lost 9 paise to trade at 83.43 against the US dollar due to increased crude oil prices and a withdrawal of foreign cash. However, a weakening US dollar and upbeat optimism in the equity sector helped the local unit find support.

The local currency depreciated 9 paise from its previous closing level, opening at 83.39 on the interbank foreign exchange market and then falling to trade at 83.43 versus the US dollar. The rupee ended the day Friday at 83.34, up 11 paise from the US dollar. The dollar index, which measures the value of the US dollar relative to a basket of six other currencies, was down 0.23% at 105.30.