A strong start was seen in the domestic market today, Monday. Shortly after the market opened, the Sensex soared by more than 400 points. Nifty was also trading with a gain of more than 100 points. Bank Nifty was trading with a gain of more than 300 points. Nifty Auto and FMCG indices also registered good gains.
At 09:28 am, the Sensex was at 77,176, up 520 points. Meanwhile, Nifty was trading around 24,058 with a gain of 161 points. Bank Nifty was trading at 56,315 with a gain of 251 points. Nifty Midcap and Smallcap indices saw a rise of up to 1%, which indicates strong buying in the entire market today.
In the Nifty 50 index, Sun Pharma gained over 3%. The company has approved the acquisition of Organon. The company is going to buy this institution for $3.99 billion. Due to this news, this stock became the biggest gainer in today’s session. Apart from this, shares like JSW Steel, Adani Ports, Kotak Bank, Tata Steel and Wipro also saw gains.
Many major developments are being seen on both the global and domestic fronts. On one hand, crude oil prices have been rising steadily due to stalled peace talks between Iran and the US; On the other hand, pressure on the market may increase due to heavy selling by FIIs (foreign institutional investors) and weakening rupee. However, strength in the US and Asian markets may provide initial support to the market. Here are all of today’s big news before markets open:
Crude oil prices rise for the sixth consecutive day
Crude oil prices have continued to rise since the halt in peace talks with Iran. Brent crude prices have risen to nearly $107 a barrel, raising concerns about global inflation and India’s import bill.
Trump cancels plan to send US envoy for Iran talks
US President Donald Trump has canceled plans to send an American envoy to Pakistan for talks with Iran. Trump clearly said that if Iran wants to talk, it will have to initiate contact itself. Iranian Foreign Minister’s visit to Pakistan continues. Iran’s Foreign Minister has reached Islamabad for the second time within 24 hours. However, there is still uncertainty regarding the second round of talks with America.
Record rally continues in American markets
The process of touching record highs continued in American markets. On Friday, the Nasdaq jumped 400 points to close at an all-time high, while the S&P 500 also set a new record. However, amid market volatility, the Dow closed 80 points lower.