Mumbai, India – In a welcome turn of events, equity benchmark indices in Mumbai rebounded today after experiencing a decline in the past two trading sessions. The positive sentiment can be attributed to the optimism in the US markets as well as increased buying activity in the IT sector.
The 30-share BSE Sensex showed early signs of recovery, surging by 158.02 points to reach 62,783.65. Similarly, the NSE Nifty witnessed a healthy rise of 70.2 points, settling at 18,633.60.
Among the major gainers from the Sensex pack were Infosys, HCL Technologies, Tata Steel, Bajaj Finance, Tech Mahindra, Tata Motors, Mahindra & Mahindra, and Tata Consultancy Services. These stocks demonstrated robust growth and contributed to the overall upward movement.
However, Larsen & Toubro, Titan, Reliance Industries, Axis Bank, and IndusInd Bank experienced a decline, making them the laggards in today’s trading session.
Turning our attention to Asian markets, Tokyo displayed a positive trend, while Seoul, Shanghai, and Hong Kong witnessed a dip in trading activity.
In the US, the markets closed on a positive note last Friday, adding to the overall optimism prevailing in the global markets.
Furthermore, the global oil benchmark, Brent crude, experienced a slight decline of 1.12 percent, settling at USD 73.95 per barrel. On the other hand, Foreign Institutional Investors (FIIs) offloaded equities worth ₹ 308.97 crore on Friday, according to exchange data.
Recapping the previous session, the 30-share BSE benchmark fell by 223.01 points or 0.35 percent, reaching 62,625.63 at the closing bell on Friday. Similarly, the Nifty dropped by 71.15 points or 0.38 percent, concluding the session at 18,563.40.
Looking ahead, this week’s market movements will be influenced by crucial economic data. On June 13th, US inflation data will be released, followed by the Federal Open Market Committee (FOMC) rate decision on the 14th, European Central Bank (ECB) rate decision on the 15th, and India’s IIP and May CPI data today. These data points will provide valuable insights into the expected economic and market direction. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted the cautious optimism with which markets approach these data points, as reflected in the current bullish market conditions.
In conclusion, equity benchmark indices in Mumbai recovered from recent losses, driven by positive trends in the US markets and increased buying activity in the IT sector. The upcoming economic data releases will play a significant role in shaping the market direction in the coming days.
Source of this News: NDTV
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