look news india
After five consecutive days of decline, the Indian stock market registered a rise on Monday. Meanwhile, sales in overseas markets have remained unchanged and companies have seen a decline in their quarterly results. ICICI Bank shares played a big role in today's rise. Its profit in September was better than expected. BSE Sensex was trading at 80,295.22, up 900 points or 1.16 per cent. While around 10:42 am, Nifty 50 was trading at 24,425.30, up 183 points or 1.01 per cent.
Market cap increased by Rs 5 lakh crore in a single day
The market cap of all the companies listed on BSE has increased by Rs 5.06 lakh crore to Rs 442.04 lakh crore. Meanwhile, Nifty 50 is down about 8 per cent from its record-high of September 27. In the last 20 sessions, foreign investors have withdrawn money from India and invested in China. This change has come after the announcement of the relief package by the Chinese government.
According to the data, apart from overseas sales, weak earnings have also hurt investor sentiment and increased selling pressure. What is worth noting here is that foreign institutional investors (FIIs) sold shares worth Rs 3,036 crore on October 25, while domestic institutional investors bought shares worth Rs 4,159 crore on the same day.
Will this momentum continue?
According to the information, the bullish trend is likely to continue in view of the good performance of banking companies like HDFC Bank and ICICI Bank. Global markets may have been favorable after Israel's attack on Iran, with crude oil prices falling sharply except in Iranian oil fields. The upcoming US presidential election and related uncertainties are also expected to remain under pressure on the market.
Talking about international markets, South Korea's Kospi rose 0.6%, while the Shanghai Composite rose 0.3%.