On Monday, the Indian stock market witnessed a strong performance, with the 30-share Sensex closing above the 60,000-mark. The benchmark index was up 401.04 points (0.67%), closing at 60,056.10, while the Nifty50 closed at 17,743.40, up 119.35 points.
The financial sector led the market rally, with strong buying in financial stocks pushing the benchmark indices higher. The market breath was positive, with 1,860 stocks advancing and 1,742 declining. The BSE Bankex and Financial Services were the biggest gainers, up 1.32% and 1.21%, respectively. On the other hand, the healthcare index was the biggest loser, down 0.47%. Shares of IPCA Labs lost 1.87%, while Unichem Laboratories gained 2.55%. IPCA Labs announced that its board has given the green light for the acquisition of 33.38% of the paid-up share capital of Unichem Laboratories for Rs 1,034 crore.
The BSE market capitalization rose by Rs 1.35 trillion, indicating a bullish market sentiment. However, the market movement was not uniform across all sectors. The healthcare sector witnessed selling pressure, while the banking and financial sectors continued to attract buyers. It is worth noting that the Indian stock market has been on an upward trend since the beginning of this year, despite the COVID-19 pandemic and its impact on the economy.
Foreign portfolio investors (FPIs) were net sellers on Monday, withdrawing Rs 412.27 crore from the Indian stock market. On the other hand, domestic institutional investors (DIIs) were net buyers, pumping in Rs 1,177.18 crore during the session. This indicates that domestic investors have been bullish on the Indian stock market, while foreign investors have been cautious in their approach.
In other news, Wipro, one of India’s leading IT services companies, saw a 2.7% increase in its stock price following its announcement on Sunday that the board would take up the issue of share buyback. This was the biggest gainer among Sensex stocks.
The Indian stock market witnessed a strong performance on Monday, with the financial sector leading the rally. Despite the COVID-19 pandemic, the Indian stock market has been on an upward trend since the beginning of this year, indicating the resilience of the Indian economy. Domestic investors have been bullish on the market, while foreign investors have been cautious. It remains to be seen whether this bullish sentiment will continue in the coming weeks, as the Indian economy faces challenges such as rising inflation and the impact of the pandemic.