Mumbai: The stock market experienced a significant surge on Monday morning, coinciding with the festive occasion of Janmashtami. By 10 a.m., the Bombay Stock Exchange (BSE) Sensex had jumped over 500 points, reflecting a strong positive momentum in the market. Simultaneously, the National Stock Exchange (NSE) Nifty was trading just shy of 25,000 points, marking a notable uptick driven largely by gains in Tata Group stocks.
Tata Consultancy Services (TCS) shares witnessed a rise of nearly 2%, contributing to the broader market’s upward trend. Other Tata Group companies, including Tata Motors and Titan, also saw their stock prices climb, further boosting investor confidence. This rally led to substantial earnings for market participants, with investors collectively gaining Rs 2.87 lakh crore within just half an hour of trading.
As of 10 a.m., the Sensex was trading at 81,643 points, up by 557 points from its previous close. Market experts predict that this bullish momentum could continue throughout the day. On the NSE, the Nifty index registered a gain of 153 points, trading at 24,976.20 points, with expectations of crossing the 25,000-point mark during the day. Earlier, the Nifty touched an intraday high of 24,987.55 points.
Among the gainers on the NSE, Wipro and ONGC shares rose by more than 2%, while TCS shares also posted a nearly 2% increase. Bajaj Finserv and L&TIM stocks were up by 1.71%. However, not all stocks followed the upward trend; Hero Motors, Grasim, BPCL, Adani Ports, and HDFC Life saw slight declines of less than 1%.
Monday’s trading session proved to be particularly lucrative for investors, who saw their wealth swell by Rs 2.87 lakh crore in just 30 minutes. The market capitalisation of the BSE surged to Rs 4,62,83,798.24 crore by 9:45 a.m., up from Rs 4,59,96,548.98 crore at the close of trading on Friday. In dollar terms, the BSE’s market cap now stands at an impressive $5.5 trillion.
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