Mumbai, May 12 (IANS) The domestic indices surged on Monday with Sensex jumping over 1,900 points in the morning trade, as India-Pakistan tensions eased with ‘Operation Sindoor’ marking a significant demonstration of India’s military and strategic prowess.
Buying was seen in the PSU bank, IT and auto sectors in the early trade.
At around 9.34 am, Sensex was trading 1,943 points or 2.45 per cent up at 81,398.42 while the Nifty climbed 598.8 point or 2.49 per cent at 24,606.85.
Nifty Bank was up 1,395.95 points or 2.60 per cent at 54,991.20. The Nifty Midcap 100 index was trading at 54,679.55 after rising 1,456.20 points or 2.74 per cent. Nifty Smallcap 100 index was at 16,584.60 after climbing 498.95 points or 3.10 per cent.
According to analysts, India’s markets and economy have demonstrated remarkable resilience, consistently transcending external perturbations and geo-political tensions. This strength comes from a steady, domestically-oriented economy, which helps protect against global troubles, showing that every crisis eventually ends.
“India’s efforts to negotiate trade deals will strengthen global business links and help it sell more worldwide, bringing in steady foreign money and making it more competitive. Along with balanced global relationships and strong partnerships, this creates a relatively stable investment place,” said Devarsh Vakil, Head of Prime Research at HDFC Securities.
Major indexes finished the last week narrowly mixed. The trade deal announcement between US and UK and reports that U.S. and Chinese officials meeting in Switzerland on the weekend for trade discussions, paved the way for broader negotiations and tariff de-escalation, supported investor sentiment, said experts.
Meanwhile, in the Sensex pack, Adani Ports, Bajaj Finance, Axis Bank, Eternal, Power Grid, NTPC, Bajaj Finserv, Tata Steel, L&T, SBI were the top gainers. Whereas, only Sun Pharma was the top loser.
In the Asian markets, China, Hong Kong and Seoul were trading in green, whereas, Japan was trading in red.
In the last trading session on Friday, Dow Jones in the US declined 0.29 per cent to close at 41,249.38. The S&P 500 declined 0.07 per cent to 5,659.91and the Nasdaq closed at 17,928.92 .
On the institutional front, foreign institutional investors (FIIs), after being net buyers for 16 consecutive sessions, turned net sellers on May 9, offloading equities worth Rs 3,798.71 crore. In contrast, domestic Institutional Investors (DIIs) remained net buyers, investing Rs 7,277.74 crore on the same day.
–IANS
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