Sensex Jumps Over 500 Points, Nifty Tops 25,350 on India-EU FTA Hopes
Indian stock markets surged at Monday’s opening, with the Sensex gaining over 500 points and the Nifty crossing 25,350. The rally was fueled by optimism surrounding a potential Free Trade Agreement (FTA) between India and the European Union.
Key Market Movements
- Sensex: Jumped 537.71 points to 83,655.19.
- Nifty 50: Rose 152.45 points to 25,368.80.
- Rupee: Appreciated 5 paise to 83.52 against the US dollar.
Top Gainers and Losers
Major gainers in the Sensex pack included , , Larsen & Toubro, UltraTech Cement, Maruti, Titan, Bajaj Finance, and Bajaj Finserv. On the losing side, Power Grid, HCL Technologies, Tech Mahindra, and Reliance Industries traded in negative territory.
Global and Domestic Cues
While Asian markets showed a mixed trend, US markets had closed mostly higher on Friday. The global oil benchmark, Brent crude, edged up 0.13% to $85.34 a barrel.
Data showed Foreign Institutional Investors (FIIs) were net sellers on Friday, offloading equities worth Rs 1,790.19 crore. In the previous session, the BSE Sensex had settled 0.22% higher at 83,117.48, while the Nifty gained 0.26% to close at 25,216.35.
Rupee Strengthens
The Indian rupee opened stronger against the US dollar, supported by the buoyant domestic equity market and a weaker greenback overseas. The domestic currency opened at 83.53 and touched 83.52 in initial trade, a gain of 5 paise from its previous close of 83.57.
Forex traders indicated the rupee is likely to maintain a slight positive bias, driven by risk-on sentiment and a soft US dollar.
