- By Aditya Pratap Singh
- Mon, 25 Nov 2024 09:59 AM (IST)
- Source:JND
Stock Market: Extending the significant rally on Friday, the domestic market on Monday observed a noteworthy rally driven by healthy purchasing during the morning trade. Sensex and Nifty opened with a gain of 1% and climbed more than 1.5% in no time. The Nifty 50 index opened higher at 24,253 and touched an intraday high of 24,330 within minutes of the opening bell, registering an intraday rally of 423 points against Friday's close of 23,907. The BSE Sensex today opened higher at 80,193 and touched an intraday high of 80,452 in early morning trades, registering an intraday gain of 1,355 points. Today's rally is propelled by BJP's landslide victory in Maharashtra,
On Saturday, the BJP-led Mahayuti alliance registered a stellar victory in Maharashtra, winning a record number of seats, while the JMM's stellar performance in Jharkhand brought the Indian bloc back to power.
"Sentiment is expected to remain positive following the BJP-led alliance's significant victory in the Maharashtra assembly elections, along with a rally in global markets," Vikas Jain, Head of Research, Reliance Securities, said.
Among the 30-share Sensex pack, Larsen & Toubro, Mahindra & Mahindra, Reliance Industries, State Bank of India, ICICI Bank and Bajaj Finance gained the most. JSW Steel and Infosys lagged.
The global oil benchmark Brent crude fell 0.37 per cent to $74.89 a barrel. Foreign institutional investors (FIIs) sold shares worth Rs 1,278.37 crore on Friday. The BSE benchmark on Friday jumped 1,961.32 points, or 2.54 per cent, to close at 79,117.11. The Nifty rose 557.35 points or 2.39 per cent to 23,907.25. In Asian markets, Seoul and Tokyo rose, while Shanghai and Hong Kong declined.
The rupee increased 6 paise to 84.35 against the US dollar in morning trade on Monday due to a firm trend in domestic equity markets. The rupee opened at 84.38 at the interbank foreign exchange market and moved in a narrow range to touch 84.35, showing an increase of 6 paise from its previous close. The rupee recovered from its all-time low on Friday and closed 9 paise higher at 84.41 against the US dollar.