Sensex rallies 592 pts, Nifty crosses 25,100 as IT, Bank stocks shine

The domestic share market ended on a higher note on Monday, supported by robust gains in banking and IT sectors,while investors keenly anticipated the domestic inflation data for clues on the Reserve Bank of India's next rate move.At close, the Sensex was up 591.69 points or 0.73 percent at 81,973.05, and the Nifty was up 163.70 points or 0.66 percent at 25,127.95.
Wipro, Tech Mahindra, HDFC Life, L&T, HDFC Bank were the top gainers on the Nifty, while losers included ONGC, Maruti Suzuki, Tata Steel, Bajaj Finance and Adani Enterprises.
On the sectoral front,except metal and media, all other sectoral indices ended in the green with Information Technology, Bank, Realty indices up 1 percent each.The BSE midcap index was up 0.3 percent and smallcap index ended flat.
Rupee Close:
On 14 Oct'24,the Indian rupee rebounded from its all-time low levels and appreciated 5 paise to 84.05 against the U.S. dollar trade on Monday, weighed down by elevated crude oil prices and strong dollar as risk-off sentiment gripped the markets.Forex traders reportedly stated there have been significant foreign fund outflows and crude oil prices have surged by nearly 10%, fueled by Hurricane Milton’s impact on U.S. production along with the tensions in the Middle East between Israel and Iran.
Trading Guide:
Vinod Nair, Head of Research, Geojit Financial Services reportedly quoted as saying, global markets are showing mixed signals as China’s disinflation and weaker economic data suggest a potential further slowdown in global economic growth, already affected by rising geopolitical tensions. Furthermore, the positive impact of the Chinese stimulus package seems to be diminishing. Meanwhile, the Indian market is demonstrating resilience, with subdued Q2 earnings expectations seemingly priced in and oil prices declining. The IT and financial sectors are attracting buying interest after recent corrections.
Market experts have recommended five stocks to buy- CG Power and Industrial Solutions, Mankind Pharma Ltd, GAIL India Ltd, Piramal Enterprises Ltd, and Marico Ltd.

(Business Correspondent)