Stock Markets: Third Consecutive Gain on Reliance and Infosys Buying
Stock Markets: Third Consecutive Gain on Reliance and Infosys Buying

The Indian equity indices, namely the Sensex and Nifty, continued their upward trajectory for the third consecutive trading day. This positive trend was primarily fueled by substantial buying activity in heavyweight stocks such as Reliance Industries and Infosys, as global equities faced a bearish undertone. Furthermore, encouraging domestic macroeconomic indicators contributed to the overall optimism, as reported by traders.

The BSE benchmark index, Sensex, exhibited notable strength by surging 152.12 points, or 0.23 percent, ultimately closing at 65,780.26. At its peak during the trading session, it reached 65,831.70, marking a gain of 203.56 points or 0.31 percent. Similarly, the Nifty index saw a rise of 46.10 points, or 0.24 percent, finishing the day at 19,574.90.

Among the prominent gainers within the Sensex, Sun Pharma led the pack with a substantial 2.09 percent increase, closely followed by ITC, Titan, Bajaj Finance, Nestle, Infosys, L&T, JSW Steel, Reliance Industries, and Kotak Mahindra Bank. On the flip side, UltraTech Cement, Maruti, HDFC Bank, Wipro, State Bank of India, and NTPC experienced a decline in their stock prices.

Turning our attention to Asian markets, Tokyo demonstrated resilience by closing in the green, while Seoul, Shanghai, and Hong Kong concluded the day in the negative territory. Meanwhile, European markets showed mixed performance during early trading hours, with US markets remaining closed on Monday.

In economic news, a recent survey indicated that manufacturing activities in India gained momentum throughout the month of August. Additionally, GST collections exhibited strong growth, expanding by 11 percent to surpass Rs.1.59 lakh crore, while domestic passenger vehicle sales reached a record high in August.

In the realm of commodities, the global oil benchmark, Brent crude, experienced a decline of 0.62 percent, settling at USD 88.45 per barrel.

Foreign Institutional Investors (FIIs) were observed offloading equities worth Rs.3,367.67 crore on Monday, according to exchange data. In the preceding trading session, the BSE benchmark had surged by 240.98 points, or 0.37 percent, closing at 65,628.14, while the Nifty advanced by 93.50 points, or 0.48 percent, concluding at 19,528.80.

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