Benchmark indices Sensex and Nifty surged in early commerce on Monday following information that India has turn out to be the fourth largest financial system on this planet.
Moreover, early arrival of monsoon, the Reserve Bank asserting a document Rs 2.69 lakh crore dividend to the federal government for FY25 and US President Donald Trump delaying 50 per cent EU tariffs to July 9 additionally added to the optimism of the market, consultants mentioned.
The 30-share BSE benchmark gauge Sensex jumped 562.31 factors to 82,283.39 in early commerce. The NSE Nifty climbed 175.7 factors to 25,028.85.
From the Sensex companies, Mahindra & Mahindra, Tata Motors, Titan, ICICI Bank, Tech Mahindra, NTPC, Power Grid and Bajaj Finserv have been the largest gainers.
Eternal emerged as the one laggard from the 30-share pack.
India has turn out to be the fourth largest financial system on this planet, overtaking Japan, NITI Aayog CEO BVR Subrahmanyam has mentioned.
“News of India becoming the fourth largest economy in the world would be a near-term morale boost for the market. RBI’s bumper dividend payment to the government, exceeding the budget estimates, will help contain the fiscal deficit target for FY26 at 4.4 per cent. This, in turn, can sustain the low inflation and declining interest rate trend which will continue to support the equity market,” VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, mentioned.
The Reserve Bank on Friday introduced a document Rs 2.69 lakh crore dividend to the federal government for FY25, 27.4 per cent larger than 2023-24, serving to the exchequer to tide over challenges posed by US tariffs and elevated spending on defence because of the battle with Pakistan.
In Asian markets, South Korea’s Kospi and Japan’s Nikkei 225 index have been buying and selling within the constructive territory whereas Shanghai’s SSE Composite index and Hong Kong’s Hang Seng quoted decrease.
US markets ended decrease on Friday.
“As we start the week, Wall Street remains shut on Monday for Memorial Day. US stock futures are up after President Trump delayed 50 per cent EU tariffs to July 9,” Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, mentioned.
Foreign Institutional Investors (FIIs) purchased equities value Rs 1,794.59 crore on Friday, in response to alternate information.
The southwest monsoon hit Kerala on Saturday, marking its earliest arrival over the Indian mainland since 2009 when it reached the southern state on May 23, the India Meteorological Department (IMD) mentioned.
“Domestically, Indian markets have shown greater resilience compared to global counterparts, supported by strong macroeconomic data and FIIs, who were net buyers to the tune of nearly Rs 2,000 crore on Friday,” Vikas Jain, Head of Research at Reliance Securities, mentioned.
Early arrival of monsoon—eight days forward of schedule and the earliest in 16 years—together with falling US Dollar Index to a 1-month low at beneath 99 and a strong macroeconomic backdrop, are prone to increase investor confidence, he added.
Global oil benchmark Brent crude climbed 0.32 per cent to USD 64.99 a barrel.
On Friday, the 30-share BSE benchmark surged 769.09 factors or 0.95 per cent to settle at 81,721.08. The Nifty rallied 243.45 factors or 0.99 per cent to 24,853.15.
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