Nifty hovers above 23,400 level; European mrkt advance
Realty, FMCG and pharma shares advanced while metal, PSU Bank and IT shares declined.
At 13:25 IST, the S&P BSE Sensex advanced 578.83 points or 0.77% at 74,878.75. The Nifty 50 index added 80.70 points, or 0.35%, at 23,427.10.
In the broader market, the BSE 150 Midcap index rose 0.02% while the BSE 250 Smallcap index added 0.12%.
The market breadth was mostly even. On the BSE, 2,150 shares were trading in green, while 2,156 shares were trading in red. A total of 279 shares were unchanged.
Gainers & Losers:
HDFC Life Insurance Company (up 2.37%), HCL Technologies (up 2.21%), Sun Pharmaceutical Industries (up 1.99%), SBI Life Insuracne (up 1.78%) and Dr Reddy?s Laboratories (up 2.10%) were the top gainers.
Bharti Airtel (down 3.08%), Adani Ports (down 1.98%), Bajaj Finance (down 1.66%), Wipro (down 1.52%) and Adani Enterprises (down 1.31%) were the top losers.
Stocks in Spotlight:
HEG Advanced Materials rallied 4.28% after its subsidiary, Replus Engitech, received orders worth Rs 217.56 crore from Indus Towers for the supply of lithium-ion battery banks.
Stallion India Fluorochemicals hit an upper circuit of 5% after the company commenced commercial operations at its Semiconductor & Specialty Gas debulking and blending facility at Khalapur, Maharashtra.
Biocon rose 2.60% after its wholly owned subsidiary, Biocon Biologics, received a positive opinion from the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency (EMA).
Welspun Corp advanced 3.44% after the company's associate, East Pipes Integrated Company for Industry (EPIC), signed a contract with Saudi Arabian Oil Co. (Aramco) for the manufacturing and supply of steel pipes. EPIC, a listed company in the Kingdom of Saudi Arabia (KSA), secured the contract, valued at 771 million Saudi riyals (SAR), or approximately Rs 2,000 crore, including value added tax.
Global Markets:
Dow Jones futures were up 295 points on Monday, as investors assessed developments ahead of US President Donald Trump's meeting with Chinese President Xi Jinping in Washington later this week.
US Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng held preparatory talks in New York over the weekend, covering trade, tariffs, critical minerals and artificial intelligence. The discussions also included a proposed mechanism for notifying each other about AI incidents with potential national security implications.
Investor sentiment was also supported by easing crude oil prices and signs of possible diplomatic engagement between Washington and Tehran. Trump said he was open to meeting Iranian President Masoud Pezeshkian during the United Nations General Assembly in New York this week. However, tensions remained elevated after Iran and the US exchanged threats over the weekend, while Yemen's Iran-backed Houthis launched missile and drone attacks on Saudi Arabia, including targets in Riyadh and near the country's oil infrastructure.
European market advanced as lower Brent crude oil prices and renewed optimism over a potential US-Iran deal improved investor sentiment.
Most Asian indices advanced on Monday, led by technology and semiconductor stocks as strong demand for artificial intelligence infrastructure supported chipmakers. Easing oil prices also provided some relief to markets, although crude remained above $100 a barrel and geopolitical risks continued to weigh on the outlook. The Japanese market is closed for a holiday.
Brent crude fell below $102 a barrel as investors focused on signs of a recovery in Saudi oil shipments. Reports indicated that Saudi Arabia was seeking to restore flows through its East-West pipeline after the route was damaged in recent attacks. Saudi crude exports have already recovered to more than 4 million barrels per day in September from 2.4 million barrels per day in August, according to provisional Kpler data. However, the ongoing Houthi attacks and disruption to regional shipping routes remain a risk to global oil supplies.
Wall Street ended mixed on Friday. The Dow Jones Industrial Average fell 0.18%, while the S&P 500 gained 0.17% and the Nasdaq Composite rose 0.40%. Semiconductor stocks supported the Nasdaq and S&P 500, while broader weakness weighed on the Dow. US Treasury yields moved above 5% during the session, adding to concerns over inflation and the outlook for interest rates.
The upcoming Trump-Xi summit remains a key focus for global markets. Trade tariffs are expected to be a major issue, with the existing US-China trade truce due to expire in November. Discussions are also expected to cover critical minerals and AI, both of which have become increasingly important to the technology supply chain. The latest preparatory talks produced an agreement to establish an AI dialogue and operationalise a previously discussed Board of Trade mechanism.
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