Benchmark BSE Sensex jumped nearly 592 points while Nifty reclaimed the 25,000 level on Monday (October 14, 2024) following gains in IT and banking shares amid a firm trend in global markets.

The 30-share BSE Sensex jumped 591.69 points or 0.73% to close at 81,973.05. During the day, it surged 690.81 points or 0.84% to hit a high of 82,072.17.

The NSE Nifty rose 163.70 points or 0.66% to settle at 25,127.95. In the intraday trade, the benchmark indices climbed 195.5 points or 0.78% to 25,159.75.

From the Sensex pack, Tech Mahindra, HDFC Bank, Larsen & Toubro, ITC, Infosys, IndusInd Bank, Kotak Mahindra Bank, Titan and HCL Technologies were among the gainers.

Maruti Suzuki India, Tata Steel, Bajaj Finance, UltraTech Cement, Nestle India, Axis Bank and Tata Consultancy Services (TCS) were among the laggards.

Market capitalisation of BSE-listed companies jumped by nearly ₹1.35 lakh crore to ₹4,63,62,781.71 ($5.51 trillion).

“The Indian market is demonstrating resilience, with subdued Q2 earnings expectations seemingly priced in and oil prices declining. The IT and financial sectors are attracting buying interest after recent corrections,” Vinod Nair, Head of Research, Geojit Financial Services said.

In the broader market, the BSE midcap gauge rose 0.28% and smallcap index by 0.06%.

Sector-wise, Realty surged the most by 1.53%. Bankex (1.03%), IT (1.01%), Financial Service and Teck by 0.88% each, Consumer Durables (0.69%) and Telecommunication (0.68%) were among the gainers.

Commodities slipped by 0.31%, followed by Metal (0.14%), Oil & Gas (0.06%) and Services (0.04%).

On the BSE, Avenue Supermarts, which owns and operates retail chain D-Mart, plunged over 8% to settle at ₹4,184.45 apiece, after the company’s September quarter earnings failed to cheer investors.

“A sharp fall in crude oil prices provided a major impetus to the markets, as markets ended in positive territory led by gains in banking, IT and realty stocks.

“The recovery may not fuel strong bullish sentiment, as FIIs deserting Indian markets this month coupled with lingering West Asia conflict has created a lot of uncertainty among the investors,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

European stocks were mixed on Monday (October 14, 2024) after China’s stimulus plans failed to inspire confidence among investors, who focussed on the earnings season and the European Central Bank’s policy meeting later this week, Deepak Jasani, Head of Retail Research at HDFC Securities, said.

On Monday (October 14, 2024), the wholesale price inflation rose to 1.84% in September as food items, especially vegetables, turned costlier, as per the government data released.

The wholesale price index-based inflation was 1.31% in August. It was (-)0.07% in September last year.

European markets were trading on a mixed note in mid-session deals.

Global oil benchmark Brent crude fell 2.52% to $77.05 a barrel.

In Asian markets, Tokyo, Shanghai and Seoul closed higher while Hong Kong settled in the negative territory. Wall Street ended with gains on Friday (October 11, 2024).

Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,162.66 crore on Friday (October 11, 2024), while Domestic Institutional Investors (DIIs) bought equities worth ₹3,730.87 crore, according to exchange data.