Stock market closes high with Sensex over 560 points amid cooling oil prices
New Delhi, Sep 21 (UNI) The Indian stock market ended higher on Monday amid cooling crude oil prices and bond yields, which also spurred risk-on sentiment on Dalal Street. At close, Sensex gained 564 points, or 0.76 percent, to 74,859, while the Nifty spiked 68 points, or 0.29 percent, to 23,414. Around 1,995 shares advanced against 2,111 declines.
Among the sectors, Pharma and realty gained more than 1 percent, while FMCG and consumer durables rose nearly 1 percent each, metals fell 0.62 percent, while infrastructure, IT, and PSU banks also ended lower. Midcaps slipped 0.29 percent and smallcaps fell 0.15 percent.
The volatility index, India VIX, declined 1.14 percent. Indian rupee closed at 95.82 against the US dollar down from Friday's close of 95.87 per dollar. On the Nifty index, Bharti Airtel fell 3.27 percent, Adani Ports declined 1.95 percent, while Bajaj Finance and Adani Enterprises fell around 1.5 percent each. Gold prices remained under mild profit booking as the Dollar Index moved above 100. COMEX Gold remain in the range of $4,250 to $4,450 while the MCX Gold remains in the range of Rs 1,51,000 to Rs 1,56,000.
Vinod Nair, Head of Research, Geojit Investments Limited, said, "Improving sentiment ahead of the upcoming U.S.-China talks, renewed hopes of diplomatic engagement between the U.S. and Iran at the UN, and the decline in oil prices and bond yields have provided relief to investors. The easing of concerns around inflation and energy costs has supported a broad-based recovery across sectors and supported overall market sentiment."
"Furthermore, the earnings cycle appears to be turning positive, coupled with relatively attractive valuations in select pockets of the market, which continues to support a constructive medium-term outlook for equities. However, in the near term, geopolitical developments and interest-rate expectations will remain key variables influencing investor behaviour and market direction," he added.
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