Stock Market: No Monday blues! Sensex rises over 300 points, Nifty above 24,200

Indian equity indices opened higher on Monday after five consecutive days of decline amid sustained foreign selling and lackluster corporate quarterly earnings. Today’s gains were led by ICICI Bank, which beat September-quarter profit expectations due to healthy loan demand.

The BSE Sensex was trading 319 points, or 0.40%, higher at 79,721, while the Nifty50 rose 62 points, or 0.26%, to 24,243 around 9:19 AM.

Meanwhile, the Nifty 50 has dropped nearly 8% from its record-high levels hit on September 27, weighed down by foreign outflows for the last 20 sessions, as investors direct funds to China on Beijing’s stimulus measures and relatively cheaper valuations.

Besides foreign selling, weak earnings have also hurt investor sentiment and added to the selling pressure, analysts stated.

From the Sensex pack, ICICI Bank, SBI, NTPC, Infosys, Bajaj Finserv, and Tata Motors were the top gainers, rising by up to 2.7%. Conversely, L&T, ITC, Tech Mahindra, Bharti Airtel, and JSW Steel opened lower.

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