The domestic stock market made a strong start on the first trading day of the week i.e. Monday. As soon as the market opened at 9.15 am, it was seen trading at the level of 85,426.97 with a jump of 195.05 points. At the same time, NSE Nifty was also trading at the level of 26,111.35 with a gain of 43.20 points. According to the news, during the initial session on Nifty, Tech Mahindra, Hindalco Industries, TCS, Dr. Reddy’s Labs, ICICI Bank emerged as big gainers, while Reliance Industries, SBI Life Insurance, Trent, Apollo Hospitals, Cipla were seen among the losers. If we look at the sectoral level, IT, PSU Bank indices were up by 0.5-1 percent.

Among Sensex companies, Tech Mahindra, Infosys, HCL Technologies, Tata Consultancy Services, HDFC Bank and Maruti were the biggest gainers. However, Bharat Electronics, Eternal, Mahindra & Mahindra and Tata Motors Passenger Vehicles were among the laggards. The BSE Midcap index is trading flat, while the Smallcap index is down 0.4%.

What do experts say

Prashant Tapse, senior VP (research), Mehta Equities Ltd, said Nifty declined on Friday as the index looked weak due to weak global cues and fresh concerns over rising AI and tech valuations. Also, Wall Street’s comeback from AI, optimism over a possible US-India trade deal, inflation coming down to 0.25% in October, supportive comments from the New York Fed and falling crude oil prices are good hopes for India.

Rupee increased by 49 paise to reach 89.17

The rupee recovered from record low on Monday and rose 49 paise to 89.17 against the US dollar in early trade amid US dollar selling by banks and fall in crude oil prices across the globe. According to forex traders, the domestic unit got support due to a good opening in the domestic equity market and intervention of the Reserve Bank of India (RBI). According to PTI news, the rupee opened at 89.46 against the dollar and then touched 89.17, which was 49 paise higher than the previous closing price.

On Friday, the rupee fell 98 paise to close at its lowest level of 89.66 against the US dollar. In the biggest fall in more than three years, the domestic currency fell 98 paise to finally settle at 89.66 against the US currency.