Benchmark stock indices in India rose substantially to start the fresh week’s trade on Monday. The equity market opened on a strong note on Monday, with the benchmark crossing the 60,000 level and Nifty making strong gains amid positive global cues.
There has been a rise in high-weightage financial and information technology stocks after strong economic data from the United States and investment in the Adani group of companies boosted risk appetite, reported Reuters.
The Nifty 50 index rose 0.85% to 17,744.20, while the S&P BSE Sensex gained 0.83% to 60,309.16 as of 9:37am.
Top updates on the stock markets:> All 13 major sectoral indexes rose, with financials and information technology adding 0.8% and 1.5%, respectively.
> All the Adani group stocks advanced as well, extending gains after US boutique investment firm GQG Partners’ $1.87 billion investment in the conglomerate on Thursday.
> Asian markets advanced on Monday, with the MSCI’s broadest index of Asia-Pacific shares outside Japan adding 0.71%.
> Among individual stocks, Mahanagar Gas jumped nearly 5% after the company acquired Unison Enviro for 5.31 billion rupees.
> Kansai Nerolac climbed over 2% after approving the acquisition of 40% of the total shareholding of Nerofix from Polygel for 370 million rupees.
Indian stocks had fallen for over a week on weak global market conditions over concerns that global growth will continue to slow in 2023 due to monetary policy tightening by various central banks to control inflation. “The rally in banking stocks may gather momentum taking cues from the GQG investment in four Adani stocks. The oversold IT stocks also have the potential to stage a mild rally. Oil & Gas and capital goods segments appear strong,” news agency ANI quoted VK Vijayakumar, chief investment strategist at Geojit Financial Services as saying.
(With inputs from ANI, Reuters)
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