Mumbai: The BSE benchmark index on Monday climbed 936 points further on firm buying in banking and IT stocks amid softening crude oil prices. The bullish trend in the domestic stock markets continued for the fifth consecutive trading session. Analysts said rising hopes of resumption of diplomatic talks between Russia and Ukraine also boosted business sentiment.
The BSE 30-share Sensex closed at 56,486.02 points, up 935.72 points, or 1.68 per cent, at the end of trading. At one point it had climbed up to 995.53 points. Similarly, the Nifty of the National Stock Exchange also gained 240.85 points, or 1.45 percent, to reach 16,871.30 points. Among the Sensex companies, Infosys, SBI, HDFC Bank, Axis Bank, ICICI Bank, Maruti Suzuki, HDFC and Wipro rose up to 3.76 per cent.
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Contrary to this trend, shares of Hindustan Unilever Limited, Sun Pharmaceuticals, Dr Reddy’s Lab and Tata Steel closed with losses. Among other Asian markets, markets in Hong Kong and Shanghai closed down significantly, while Tokyo closed with marginal gains. Stock markets in the US were at lower levels on Friday. Meanwhile, international oil benchmark Brent crude fell by 2.97 per cent to $109.3 per barrel.
The selling process of foreign institutional investors in the Indian markets is still going on. According to available information, on Friday, foreign investors sold shares worth Rs 2,263.90 crore. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, believes that the most important event for the market this week will be the Federal Reserve meeting on Wednesday. In this, the US central bank can decide to hike policy rates. (agency)