Benchmark indices Sensex and Nifty ended higher on Monday, supported by buying in blue chips and government poll results moving towards a result in line with market expectations.
The 30-share BSE Sensex rose 355.90 points or 0.46 per cent to settle at 77,269.40 points. During the day, it jumped 997.25 points, or 1.29 percent, to 77,910.75.
The 50-share NSE Nifty rose 121.75 points or 0.51 per cent to close at 24,119.30.
Among the 30 companies included in Sensex, Adani Ports, Hindustan Unilever, Reliance Industries, Larsen & Toubro, Eternal and Maruti were among the top gainers.
Bharti Airtel, Kotak Mahindra Bank, Tata Consultancy Services and ITC were among the laggards from the group.
“Investor sentiment remained supported by the positive election result in West Bengal and better-than-expected Q4 earnings, which helped markets overcome concerns related to the Middle East.
“However, intermittent profit taking continued amid uncertainty surrounding the US ‘Project Freedom’ initiative to reopen the Strait of Hormuz,” said Vinod Nair, head of research at Geojit Investments Limited.
Although the path to resolution may take some time, optimism about gradual progress continues, he added, adding that stability in crude oil prices below $110 provides relief in the near term.
Brent crude, the global oil benchmark, jumped 1.48 percent to $109.8 per barrel.
In Asian markets, the benchmark Kospi index in South Korea and the Hang Seng index in Hong Kong ended higher. Markets in Japan were closed for the holiday.
Markets in Europe were trading mostly lower.
US markets ended mostly higher on Friday.
“Early trends from key state election results provided a supportive domestic stimulus, while easing geopolitical concerns, such as signs of progress in US-Iran discussions, helped calm crude oil prices. This, coupled with strength in global markets led by a record rise in US technology indices, created a favorable risk environment,” said Hariprasad K, research analyst and founder of Livelong Wealth.
He said the stock’s momentum added to the upside, with leaders like Maruti Suzuki and Hindustan Unilever posting gains on the back of strong operational upgrades.
Foreign institutional investors (FIIs) have offloaded the value of shares $8,047.86 crore on Thursday, according to stock exchange data. However, local institutional investors were buyers as they bought shares at value $Rs 3,487.10 crore.
Stock exchanges were closed on Friday on the occasion of Maharashtra Day.
On Thursday, the Sensex fell 582.86 points, or 0.75 per cent, to settle at 76,913.50 points. The Nifty index fell 180.10 points or 0.74 per cent to close at 23,997.55 points.
