1 hr ago
Sensex Rallies 706 Points as Indian Markets Rebound
Indian share prices went up on Monday after falling in recent weeks.
The Sensex rose by about 706 points, and the Nifty rose by about 187 points.
Oil prices had fallen, which helped improve the mood among investors.
Some investors were also less worried about the US central bank raising interest rates again soon.
Anup Bagchi is set to lead HDFC Bank from October 27.
Some major companies’ shares rose, while a few others fell.
Experts said the market might keep recovering, but there are still risks.
High government bond yields, foreign investors selling shares and geopolitical tensions could make further gains harder.
On Monday, the Sensex rose 705.70 points to 72,594.57, while the Nifty gained 187.30 points to 22,605.10.
Lower Brent crude prices and reduced concerns about further Federal Reserve tightening supported the rebound.
Bajaj Finance, ITC, Bajaj Finserv, Larsen & Toubro, Axis Bank and State Bank of India were among the Sensex gainers.
Anup Bagchi is due to become HDFC Bank’s MD and CEO on October 27 for a three-year term.
Experts cited potential support for markets but warned that high Treasury yields, foreign selling and geopolitical risks could limit gains.
- Who
- Indian stock market investors and the Sensex and Nifty indices.
- What
- The Sensex and Nifty rebounded, gaining 705.70 and 187.30 points respectively.
- Where
- Indian equity markets.
- When
- Monday; the articles do not specify the calendar date.
- Why
- Lower crude oil prices and eased concerns about further Federal Reserve tightening supported sentiment; HDFC Bank’s leadership appointment was also cited as a potential positive.
Reasons for optimism
Reasons for caution
Prospects for a rebound
Reasons for optimism
V K Vijayakumar said the market appeared set for a near-term rebound after eight weeks of declines, citing Accenture results and Anup Bagchi’s appointment as possible supports.
Reasons for caution
Ponmudi R said elevated Treasury yields, persistent foreign selling and renewed geopolitical risks could limit the market’s upside and keep investors guarded.
Global monetary and market conditions
Reasons for optimism
Softer-than-expected US employment data eased some immediate concerns about further Federal Reserve tightening in October, supporting global risk appetite.
Reasons for caution
The articles noted that concerns about tightening had eased, not disappeared, and that market gains could remain constrained by other risks.
Key facts
- Sensex close during reported trade
- 72,594.57, up 705.70 points
- Nifty level during reported trade
- 22,605.10, up 187.30 points
- Brent crude
- Down 0.70% to USD 101.5 per barrel
- Anup Bagchi appointment
- Set to take over as HDFC Bank MD and CEO on October 27 for three years
- Foreign institutional investor activity
- Sold equities worth Rs 9,484.22 crore on Thursday
- Previous session
- On Thursday, Sensex fell 570.59 points and Nifty fell 198.50 points; markets were closed Friday for Gandhi Jayanti
- International markets
- Japan’s Nikkei 225 rose over 2%; Hang Seng was marginally lower; US markets ended higher Friday
Quotes
Ponmudi R
CEO of Enrich Money, an online trading and wealth-tech firm.
“Softer-than-expected US employment data has eased some immediate concerns over further Federal Reserve tightening at its October meeting, offering a degree of support to global risk appetite. However, elevated Treasury yields, persistent foreign selling and renewed geopolitical risks could limit the upside and keep investors guarded through the session.”
rediff.com
deccanchronicle.com
V K Vijayakumar
Chief Investment Strategist at Geojit Investments Limited.
“After eight weeks of declines the market appears set for a rebound in the near term. The better-than-expected results of Accenture and the appointment of Anup Bagchi as MD and CEO of HDFC Bank have the potential to lead to a turnaround in the market.”
rediff.com
deccanchronicle.com
Sources
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