Indian stock market moves up at start of new week, Sensex up over 1,000 points
New Delhi [India], April 28 (ANI): With India's trade talks with the United States going smoothly and positive cues from Asian markets, Indian stock indices - Sensex and Nifty - saw a substantial jump on the first day of this week.
The Sensex closed at 80,218.37 points, up 1,005.84 points or 1.27 per cent and Nifty closed at 24,328.50 points, up 289.15 points or 1.20 per cent, respectively.
Sensex is still some 6,000 points lower than its all-time high of 85,978 points that it had touched in September 2024.
Among the sectoral indices, PSU Bank soared the most at 2.44 per cent, NSE data showed.
"It is important to remember that markets have an uncanny ability to surprise by climbing many walls of worries," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.
"The major factor contributing to the resilience of the market is the sustained buying by FIIs.... FIIs have turned sustained buyers in a dramatic reversal of their sustained selling strategy. This, in turn, is due to the relative under performance of US stocks, US bonds and dollar. In an environment of weakening US economy and depreciating dollar, FIIs may continue to buy providing support to the market," he added.
Vinod Nair, Head of Research, Geojit Investments Limited, said the domestic market recouped from the losses incurred during the last two days of the previous week, which stemmed from the border tensions.
"While sustained buying from FIIs and better results from RIL also boosted the investor sentiment. A weakening dollar and inflationary pressure in the US may attract FIIs into the domestic market. However, investors are advised to exercise caution in the near term as the market is yet to discount the impact of retaliation for the Pahalgam terror attack," he said.
The benchmark indices - Sensex and Nifty -- ended lower in the previous session (Friday), paring its overall weekly gains it had accumulated. Geopolitical tensions, following the terrorist attack in Pahalgam, had weighed on investor sentiment and pushed the markets into the red. Prior to that, the indices soared for seven straight sessions.
Indian stock indices had seen some upward movement since Trump's decision to pause the reciprocal tariffs on dozens of countries, including India, for 90 days. The tariffs had initially set off a sell-off in equities globally, and India was no exception. (ANI)
(The story has come from a syndicated feed and has not been edited by the Tribune Staff.)
