MUMBAI: India’s equity market snapped a five-day losing streak on Monday with the benchmarks- BSE Sensex and NSE Nifty50 – surging more than 1% each in intraday deals on the back of favourable global cues. At close, the Sensex was up 602 points at 80,005, marking a 0.76% gain, while the Nifty surged by 158 points, ending at 24,339, a gain of 0.65%.
The fresh gain came after the benchmarks fell over 2% each last week. The broader market also advanced with the Nifty Midcap 100 index gaining 0.83%, after crashing 6% last week. The market capitalization of all listed firms on the BSE surged by Rs 4.56 lakh crore to Rs 441.54 lakh crore.
Experts advised investors to remain alert as Monday’s gain does not suggest a reversal from the month-long weakness. Foreign portfolio investors (FPIs) continued with their selling spree, offloading shares worth Rs 3,228 crore (on a net basis) on Monday, as per NSE data.
“BSE Sensex climbed back above the 80,000, mark on Monday after a five-day weakness as oversold conditions, lack of aggressive FPI selling, sense of relief post Israel’s retaliatory strike against Iran – all led to an improvement in sentiments,” said Deepak Jasani, Head of Retail Research at HDFC Securities.