The stock market defied global jitters and soared on Monday, closing in the green despite concerns over US inflation. The Sensex surged by 277.98 points to reach 71,833.17, while the Nifty climbed 96.80 points to close at 21,840.05.
The initial rocky start was fueled by worries of higher-than-expected US inflation, but investor optimism rebounded during late trading hours. Out of the 50 Nifty companies, 35 witnessed gains, while 15 ended the day in the red.
Notable gainers among Nifty companies included BPCL, SBI, ONGC, Coal India, and Tata Steel, whereas Tech Mahindra, Cipla, Dr. Reddy, Infosys, and TCS emerged as the top losers at the market closing.
Varun Aggarwal, founder and managing director of Profit Idea, highlighted the market’s positive trajectory in the face of global market selloff. He stated, Despite initial concerns, Indian equities displayed resilience, buoyed by late-session gains.
Aggarwal also pointed out that the Nifty IT sector experienced the steepest decline, falling by 1.7 percent. Additionally, both Nifty Bank and Nifty PSB indices were down by 1 percent each. The BSE MidCap and SmallCap indices also witnessed declines ranging from 0.7 to 1 percent.
Globally, European shares posted marginal gains due to softer-than-expected UK inflation data, which raised hopes for imminent rate cuts by the Bank of England.
Hong Kong stocks closed higher, with the Hang Seng Index reversing course to close up by 0.8 percent after an initial drop of 1.8 percent at the start of trading. Hong Kong-listed Chinese tech firms also saw a notable rise of 2.5 percent.
The positive momentum witnessed in Indian equities despite initial headwinds highlights the confidence and resilience of investors in the face of global market volatility.
