The markets continue to rise; the Sensex surpasses 560 points and the Nifty reaches 22,300

The key indexes for equity markets, Sensex and Nifty, saw gains of around 1% apiece on Monday due to a rise in Asian and European markets, a decrease in the price of Brent crude oil, and purchases by foreign investors.

The 30-share BSE Sensex increased 560.29 points, or 0.77 percent, to close at 73,648.62, continuing the upward trend from the previous day. It increased 679.47 points, or 0.92 percent, to 73,767.80 throughout the course of the day.

To reach 22,336.40, the NSE Nifty increased by 189.40 points, or 0.86 percent.

The top gainers from the Sensex basket were Asian Paints, Larsen & Toubro, Bajaj Finance, Axis Bank, State Bank of India, Wipro, ICICI Bank, Infosys, and HCL Technologies.

The underachievers were JSW Steel, HDFC Bank, and NTPC.

The BSE smallcap gauge increased 1.26 percent and the midcap index increased 0.93 percent in the overall market.

Consumer durables climbed 2.53%, followed by industrials (1.93%), capital goods (1.65%), telecommunications (1.17%), financial services (1.04%), and consumer discretionary (1.02%) among the indexes.

The only industry to fall behind was utilities.

Shanghai finished down in the Asian markets, but Seoul, Tokyo, and Hong Kong settled in the positive region.

The European markets were seeing increases in trade. Friday’s closing hours on Wall Street were uneventful.

“Monday saw a relief rally as geopolitical risks subsided, and global equities were mostly higher,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

The benchmark for global oil, Brent crude, fell 0.80% to USD 86.59 a barrel.

Although there was some reprieve from the Middle East conflict, things are still quite unstable, and the Indian market maintained its relief surge from last Friday. The rebound was widespread across industries, with mid- and small-cap stocks seeing a surge in interest, according to Vinod Nair, Head of Research at Geojit Financial Services.

He continued, saying that while oil prices have somewhat decreased, they are still high.

According to exchange statistics, foreign institutional investors (FIIs) were purchasers on Friday, purchasing stocks valued at Rs 129.39 crore.

On Friday, the BSE benchmark increased by 599.34 points, or 0.83 percent, to end the day at 73,088.33. The NSE Nifty reached 22,147, up 151.15 points, or 0.69 percent.