Value buying halts 5-day losing run

Mumbai : Stock markets snapped the five-day losing streak on Monday with the benchmark Sensex rebounding 602 points on buying in ICICI Bank, firm global trends and continuous buying by domestic institutional investors.

The BSE Sensex jumped 602.75 points or 0.76 per cent to settle at 80,005.04 points. During the day, it surged 1,137.52 points or 1.43 per cent to 80,539.81 points. NSE Nifty soared 158.35 points or 0.65 per cent to 24,339.15. A sharp correction in global crude prices in international markets boosted sentiments, traders said.

“The market exhibited a rebound after continuous selloff last week. Positive results from banks and a slump in oil prices in expectation of an ease in retaliations in the Middle East aided investor sentiment. Stability in the broad-based rally requires more evidence from earnings, which are currently in the doldrums of weak demand and margin pressure. We expect companies with a less leveraged balance sheet and growth prospects to outperform when the market stabilizes,” said Vinod Nair, head (research), Geojit Financial Services.

The BSE smallcap gauge jumped 1.11 per cent and midcap index climbed 0.69 per cent. Among sectoral indices, commodities surged 1.79 per cent, realty (1.40 per cent), telecommunication (1.37 per cent), healthcare (1.36 per cent) and metal (1.21 per cent). Services, energy and capital goods (0.01 per cent).

From the 30 Sensex pack, ICICI Bank climbed 3 per cent after the private sector lender posted a 14.5 per cent growth in standalone profit to Rs 11,746 crore for the second quarter ended September 2024. JSW Steel, Mahindra & Mahindra, Adani Ports, Tata Steel, Sun Pharma, Hindustan Unilever, Tata Motors and State Bank of India were the other big gainers from the pack. Axis Bank, Kotak Mahindra Bank, Tech Mahindra, HDFC Bank and Maruti were the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled higher.