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Equity markets witnessed a strong rebound in early trading on Monday, boosted by fresh buying in heavyweight stocks, particularly ICICI Bank, and firming trends across Asian markets, as per PTI reports. The BSE Sensex surged by 462.45 points to reach 79,864.74, while the NSE Nifty rose 112.1 points, taking it to 24,292.90.
The major lift to the Sensex came from ICICI Bank, which saw its shares jump nearly 3%. This followed the private sector giant's recent earnings report, showing a notable 14.5% rise in standalone profit, amounting to Rs 11,746 crore for the quarter ending September 2024. The impressive figures added strength to market sentiment and brought more domestic investors to the table.
Several other key stocks contributed to the positive momentum. State Bank of India, IndusInd Bank, Infosys, HCL Technologies, Asian Paints, and Hindustan Unilever were among the top gainers on the Sensex. However, some stocks did see losses in early trade; JSW Steel, Larsen & Toubro, Power Grid, and ITC fell short of gains, remaining in the red.
In Asian markets, most indices showed an uptrend, with Seoul, Tokyo, and Shanghai trading higher, while Hong Kong saw a slight dip. On Wall Street, the US markets closed on a mixed note on Friday, adding to the cautious but generally optimistic mood in Asia.
According to PTI, exchange data indicated that Foreign Institutional Investors (FIIs) sold off equities worth Rs 3,036.75 crore on Friday. Meanwhile, Domestic Institutional Investors (DIIs) stepped in with buying activity, purchasing shares worth Rs 4,159.29 crore, a factor that further strengthened domestic markets.
On the commodities front, the global benchmark for oil, Brent crude, saw a dip of 4.38%, bringing it to USD 72.72 per barrel, which may provide some relief on the inflation front, positively impacting markets in oil-importing countries like India.
Last Friday had seen the Sensex experience a significant drop, plummeting by 662.87 points or 0.83% to close at 79,402.29, while the Nifty had slipped by 218.60 points or 0.90%, closing at 24,180.80. However, Monday's early gains suggested a robust recovery, with optimism buoyed by both local and international buying interests.
(With inputs from PTI)
