Sensex soars 2,100 points as markets reopen for 1st time since ceasefire
Sensex jumped 1,793.73 points to 81,248.20 while Nifty surged 553.25 points to 24,561.25 as the markets opened on Monday
Indian stock markets witnessed a sharp rally on Monday morning as the Sensex jumped over 2100 points while the Nifty surged 553.25 points to 24,561.25. The stock markets opened for the first time since the India-Pakistan ceasefire understanding.
According to experts, despite the hostile environment caused by the recent conflict, Indian markets demonstrated remarkable resilience, ANI reported.
With the situation at the borders stabilising, investors returned to equities, driving a strong rally supported by robust inflows.
India Pakistan news live: No incidents reported across J&K last night, says defence spokesperson
“Indian futures are pointing to a sharp 2 per cent up-move, as all the losses due to the India-Pak kinetic conflict are made up on the back of the cessation of active hostilities in the region. Indian markets weathered the turbulence quite well and are set to recover smartly today,” Ajay Bagga, Banking and Market Expert, told ANI.
Nifty Auto gained 2.25 per cent, while Nifty IT rose 2.16 per cent. Nifty Realty led the gains, surging by more than 4 per cent in early trade.
On the global front, cues remained favourable. The US and China described their trade talks in Geneva over the weekend as both productive and positive, further lifting market morale.
Meanwhile, gold prices dropped by over 2 per cent, while oil prices and the US dollar moved higher. US futures indicated an expected gain of over 1 per cent for Wall Street later in the day.
Pharma stocks slip despite market rally
Indian pharmaceutical stocks shed 1.3% on Monday, even as the broader markets rose, after US President Trump said he would sign an executive order to cut prescription prices to the level paid by other high-income countries, an amount he put at 30% to 80% less.
Eight of the 20 stocks on the pharmaceutical sub-index were in the red, while the benchmark Nifty 50 index was trading 2.4% higher.
Sun Pharma, India's top drugmaker by revenue, dropped 5.4% to be the top loser on the Nifty 50 and the pharma index. Glenmark Pharma and Cipla declined 0.4% and 1.5%, respectively.
