Market Strength Continues Amidst Global Signals; Sensex and Nifty Surge on Foreign Investor Return. Investor Focus Remains on Financial Stocks.
Stock Market Rally: Despite mixed signals from global markets, the domestic stock market opened with a b rally on the first trading day of the week (March 24). Strength in the market is sustained by gains in financial and banking stocks.
The BSE Sensex opened at 77,456 points, a significant jump from its previous close of 76,905 on Friday. At 9:25 AM, the Sensex was up 536.69 points (0.70%), trading at 77,442. Similarly, the NSE Nifty 50 opened at 23,515 and at 9:26 AM was trading at 23,511, up 160.85 points (0.69%).
Market Performance Last Friday?
Last Friday, the market closed ber for the fifth consecutive day, registering its biggest weekly gain since February 7, 2021.
- The BSE Sensex closed at 76,906, up 557 points.
- The NSE Nifty 50 closed at 23,350, up 160 points.
Overall Market Performance Last Week
- The Sensex gained a total of 3,077 points (4.17%) for the week.
- The Nifty jumped 953 points (4.26%) for the week.
Strong Return of Foreign Investors
Foreign Portfolio Investors (FPIs) bought shares worth ₹7,470.36 crore ($868.3 million) in the Indian stock market on Friday. This was the largest single-day purchase by foreign investors in the last four months.
Global Market Trends
- Asian stock markets showed a mixed trend on Monday.
- Australia's S&P/ASX 200 fell 0.37% in early trading, but later traded down only 0.037%.
- Japan's Nikkei 225 index closed up 0.23%.
- South Korea's Kospi index rose 0.11%.
- Hong Kong's Hang Seng index was trading slightly higher by 0.12%.
Slight Gains in US Markets
US stock markets also saw modest gains last Friday.
- The S&P 500 index rose 0.08%.
- The Nasdaq Composite rose 0.52%.
- The Dow Jones Industrial Average also saw a 0.08% increase.
