Following a surge in US markets, the key Indian equity indices, the Sensex and Nifty, saw a resurgence in early trade on Monday, May 6.
While NSE Nifty gained 93.45 points to 22,569.30, the BSE Sensex increased by 328.54 points to 74,206.69.
Shares of TCS, JSW Steel, IndusInd Bank, ICICI Bank, Wipro, and Axis Bank were among the other big gainers from the Sensex basket. Similar to this, Kotak Mahindra Bank saw a spike of more than 4% following the announcement of a 25% increase in net profit for the March quarter, coming in at Rs 5,302 crore. However, the laggards were Larsen & Toubro, Titan, State Bank of India, and Power Grid.
PSU Bank, metal, energy, and media are trading in red among the sectoral indexes, while FMCG, Realty, healthcare, auto, IT, and pharmaceuticals stayed in green. The weekend publishing of the earnings report has also caused a reaction in the market. The best-performing Nifty gainer is Britannia, while Titan’s shares dropped the most following the Q4 results.
A strong trend in domestic equities and a dip in US currency helped the rupee gain 3 paise to 83.42 against the US dollar in the currency market. The US dollar is being measured against a basket of six currencies, and the dollar index is now trading at about 105.
The local currency only gained 1 paisa to settle at 83.45 against the US dollar at the interbank foreign exchange market. According to PTI, forex traders stated that the strength of the US dollar in international commerce and outflows of foreign funds were detrimental to the local currency.
Shanghai and Hong Kong were trading in positive territory on Asian markets.
