India’s benchmark stock market indices Sensex and Nifty opened in green , The former opened at 84,651.15 points while the latter at 25,872.55 levels. Among the Sensex pack, Stocks like Mahindra & Mahindra, Bharti Airtel, State Bank of India, Kotak Mahindra Bank, Tata Steel, JSW Steel, Adani Ports, Tata Motors, Reliance Industries, ICICI Bank, Larsen & Toubro and HDFC Bank led the rally. Auto and construction and healthcare stocks were buoyant.
Except, Nifty Private Bank, all other thematic indices of the National Stock Exchange (NSE) opened in green. Nifty Auto and Nifty Pharma were up more than 1%.
The broad based rally of India’s domestic equities continues in the current week as well. Along with large caps, small cap stocks were also buoyant. Major small cap indices like Nifty Small Cap 50 was up 0.83%, while, BSE 250 Small Cap was up 0.55%.
In Asian markets, Seoul, Shanghai and Hong Kong were trading higher. The US markets had ended on a mixed note on Friday. Global oil benchmark Brent Crude traded in green 0.57% higher at $75.6 per barrel.
Global markets have been rallying ever since the US Central Bank Federal Reserve kick started the highly awaited interest rate cut cycle last week. The Fed cut its benchmark interest rate by 0.50%. It was the first slashing of the rates in last four years. This has so far proved to be catalyst for equities all around the world.
Subsequently, Foreign Institutional Investors (FIIs) had turned bullish on India once again last week after few days of selling. On Friday, the FPIs single day buying reached all time high levels in last three years. In cash market, the foreign investors had bought equities worth Rs 14,064 core on that very day.
Consequently, markets had settled at all time high levels on Friday. The 30 constituent Sensex had ended the day’s trading session at 84,544.31 points, while, the broader index Nifty closed at record 25,790.95 levels.
