The key indexes for the equity market rallied strongly Monday, continuing from the day before, supported by ongoing inflows of foreign capital.
A gain of 188.57 points lifted the 30-share BSE Sensex to 62,216.47. To 18,363.70, the NSE Nifty increased by 48.9 points.
Tata Motors, one of the Sensex companies, increased by more than 3% on the release of its Q4 results. The other top gainers were Tech Mahindra, Asian Paints, Hindustan Unilever, UltraTech Cement, Bharti Airtel, Infosys, and Nestle.
Tata Motors recorded a consolidated net profit of Rs 5,408 crore for the March quarter, driven by increasing domestic demand, price initiatives, and resolving supply chain concerns. Despite challenges, the company hopes to increase profit margins this fiscal year.
Among the backward companies were Maruti, IndusInd Bank, NTPC, and Tata Steel.
According to exchange statistics, foreign institutional investors (FIIs) acquired shares worth Rs 1,014.06 crore on Friday.
In May, foreign investors shown a keen interest in purchasing Indian stocks, investing more than Rs 23,152 crore in the first two weeks.
In Asia, Seoul and Shanghai markets were trading down, while Tokyo and Hong Kong markets were trading higher.
The US stock market closed Friday with a little loss.
“Even though the Congress victory in the Karnataka elections was significantly better than expected, it is unlikely to have a negative impact on markets,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. “In the near-term, markets are driven mainly by FPI inflows backed by improving fundamentals.”
The BSE benchmark reached 62,027.90 on Friday, its highest closing level since December 12, 2022, after rising 123.38 points, or 0.20 percent. To 18,314.80, the Nifty grew by 17.80 points, or 0.1%.
The benchmark Brent crude price fell 0.84 percent to USD 73.55 a barrel in the meantime.