Markets end higher on sustained foreign fund inflows, drop in crude oil prices
From the Sensex firms, Adani Ports jumped 6.29 per cent amid reports that Adani's representatives met with US administration officials to seek the dismissal of criminal charges in a bribery probe.
PTI
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PHOTO: PTI
Mumbai, 5 May
Equity benchmark
indices Sensex and Nifty closed higher on Monday, supported by sustained
foreign fund inflows and a sharp correction in global crude oil prices.
The 30-share BSE
benchmark climbed 294.85 points or 0.37 per cent to settle at 80,796.84,
extending its previous day's rally. During the day, it jumped 547.04 points or
0.67 per cent to 81,049.03.
The NSE Nifty rose
114.45 points or 0.47 per cent to 24,461.15.
From the Sensex
firms, Adani Ports jumped 6.29 per cent amid reports that Gautam Adani's
representatives met with US administration officials to seek the dismissal of
criminal charges in a bribery probe.
All other listed
Adani group stocks, including Adani Enterprises, Adani Ports, Adani Power and
Adani Green Energy, ended with a sharp rally.
From the 30-share
pack, Bajaj Finserv, Mahindra & Mahindra, Eternal, Power Grid, ITC, Tata
Motors, Asian Paints and Hindustan Unilever were among the gainers.
Among the laggards,
Kotak Mahindra Bank tanked 4.57 per cent after the firm reported a 7.57 per
cent decline in consolidated net profit to Rs 4,933 crore for the March quarter
of FY25, primarily due to elevated stress in the microlending book.
State Bank of India,
Axis Bank, Titan and IndusInd Bank were among the other losers.
State Bank of India
dipped over 1 per cent after it reported an 8.34 per cent decline in
consolidated net profit to Rs 19,600 crore for the January-March quarter
compared to Rs 21,384 crore a year ago, impacted by a decline in net interest
margins.
Foreign Institutional Investors (FIIs) bought equities worth Rs 2,769.81 crore on Friday, according
to exchange data.
Foreign investors
injected Rs 4,223 crore into the country's equity market in April, as they
turned net buyers for the first time in three months amid a blend of favourable
global cues and robust domestic fundamentals.
The inflow of foreign
capital came last month following a back-to-back net outflow of Rs 3,973 crore
in March, Rs 34,574 crore in February, and Rs 78,027 crore in January.
"The market has
sustained its positive momentum, though the level of optimism has decreased.
Continued foreign inflows and record GST collections in April indicate
resilience in economic activity, fostering mild hopefulness. A weak dollar and
a decline in oil prices have further bolstered FII sentiment.
"However, the
market's momentum is moderating, with action shifting from broad-based
movements to stock and sector-specific trends based on results," Vinod
Nair, Head of Research, Geojit Investments Limited, said.
Markets in South
Korea, Japan, China and Hong Kong were closed due to holidays.
European markets were
trading on a mixed note.
US markets ended
significantly higher on Friday.
Global oil benchmark
Brent crude dropped 1.45 per cent to USD 60.40 a barrel.
The 30-share BSE
benchmark gauge settled 259.75 points, or 0.32 per cent, higher at 80,501.99 on
Friday. The Nifty eked out a marginal gain of 12.50 points, or 0.05 per cent,
to settle at 24,346.70.
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