After five consecutive days of decline, the Indian market registered gains on Monday. Amidst all this, selling continued in foreign markets and a decline was seen in the quarterly results of companies. Shares of ICICI Bank are playing the main role in today’s rise, whose September quarter profit has been better than expectations. BSE Sensex was trading 900 points or 1.16% higher at 80,295.22, while Nifty 50 was trading 183 points or 1.01% higher at 24,425.30 around 10:42 am.
Market cap increased by Rs 5 lakh crore in one day
The market cap of all the companies listed on BSE increased by Rs 5.06 lakh crore to Rs 442.04 lakh crore. Meanwhile, the Nifty 50 is down nearly 8% from its record-high on September 27. For the last 20 sessions, foreign investors have withdrawn money from India and invested in China. This change has come after the Chinese government announced a relief package. Apart from overseas selling, weak earnings have also hurt investor sentiment and further increased selling pressure, analysts said. The thing to note here is that foreign institutional investors (FIIs) sold shares worth Rs 3,036 crore on October 25, while domestic institutional investors bought shares worth Rs 4,159 crore on the same day.
Will the rise continue further?
Dr. V.K., Chief Investment Strategist, Geojit Financial Services. Vijayakumar said that given the good performance of banking companies like HDFC Bank and ICICI Bank, the bullish trend is likely to continue. The global market may have been favorable following the Israeli attacks against Iran, with crude oil prices falling sharply, except in Iranian oil fields. The upcoming US presidential election and uncertainties related to it are also expected to keep pressure on the market.
Talking about the international market, Japan’s benchmark Nikkei 225 rose by 1.6% in morning trading. South Korea’s Kospi rose by 0.6%. Hong Kong’s Hang Seng rose by 0.1%, while the Shanghai Composite rose by 0.3%. Has increased.