Sensex snaps 5-day losing streak on DII push and value buying

Mumbai: Stock markets snapped the five-day losing streak on Monday with the benchmark Sensex rebounding 602 points on buying in ICICI Bank, firm global trends and continuous buying by domestic institutional investors.

The BSE Sensex jumped 602.75 points or 0.76 per cent to settle at 80,005.04. During the day, it surged 1,137.52 points or 1.43 per cent to 80,539.81.

The NSE Nifty soared 158.35 points or 0.65 per cent to 24,339.15.

A sharp correction in global crude prices in international markets boosted sentiments, traders said.

From the 30 Sensex pack, ICICI Bank climbed 3 per cent after the private sector lender posted a 14.5 per cent growth in standalone profit to Rs 11,746 crore for the second quarter ended September 2024.

JSW Steel, Mahindra & Mahindra, Adani Ports, Tata Steel, Sun Pharma, Hindustan Unilever, Tata Motors and State Bank of India were the other big gainers from the pack.

Axis Bank, Kotak Mahindra Bank, Tech Mahindra, HDFC Bank and Maruti were the laggards.

The BSE smallcap gauge jumped 1.11 per cent and midcap index climbed 0.69 per cent. Among sectoral indices, commodities surged 1.79 per cent, realty (1.40 per cent), telecommunication (1.37 per cent), healthcare (1.36 per cent) and metal (1.21 per cent). Services, energy and capital goods (0.01 per cent).

The rupee traded on a flat to positive note and settled 1 paisa higher at 84.07 against the US dollar on Monday, on positive domestic markets and a sharp decline in crude oil prices.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,036.75 crore on Friday, while Domestic Institutional Investors (DIIs) bought shares worth Rs 4,159.29 crore, according to exchange data.

Global oil benchmark Brent crude eased 5.84 per cent to $71.54 a barrel.

The BSE benchmark plummeted 662.87 points or 0.83 per cent to settle at 79,402.29 on Friday.

The Nifty tanked 218.60 points or 0.90 per cent to 24,180.80.