Mumbai, Dec 23 (IANS): The Indian stock market jumped more than 600 points in early trade on Monday amid positive mixed global cues.
At around 9:29 am, Sensex was trading at 78,665.83 after gaining 624.24 points or 0.80 per cent, while the Nifty was trading at 23,773.45 after gaining 185.95 points or 0.79 per cent.
The market trend remained positive. On the National Stock Exchange (NSE), 1,223 stocks were trading in green, while 494 stocks were in red.
According to experts, in the short run, there will be market rebounds which may be followed by renewed FII selling.
“A sustained rally is possible only when we have indications of a growth revival in the economy. This is likely in early 2025.,” they said.
Nifty Bank was up 415.45 points or 0.82 per cent at 51,174.65. Nifty Midcap 100 index was trading at 57,266.45 after gaining 359.70 points or 0.63 per cent. Nifty Smallcap 100 index was at 18,797.25 after adding 82.95 points or 0.44 per cent.
On the sectoral front, Selling was seen in metal, realty, commodities, IT, auto, PSU Bank, Financial service, FMCG and Pharma sectors.
In the Sensex pack, Tata Steel, Tech Mahindra, Bajaj Finance, HCL Tech, HDFC Bank, ICICI Bank and Bharti Airtel were the top gainers. Whereas, Zomato and NTPC were the top losers.
The Dow Jones closed in the last trading session at 42,840.26 after gaining 1.18 per cent. The S&P 500 added 1.09 per cent to 5,930.90 and the Nasdaq gained 1.03 per cent to close at 19,572.60.
In the Asian markets, Hong Kong, China, Japan, Jakarta, Bangkok and Seoul were trading in green.
"The FII buying witnessed in early December completely reversed last week with FII selling of Rs 15826 crores. The outperformance of the US (S&P 500 up 25 per cent year to date) and the relative underperformance of India (Nifty up 14.64 per cent year to date) are driving this change in FII strategy," said experts.
Foreign institutional investors (FIIs) sold equities worth Rs 3,597.82 crore on December 20, while domestic institutional investors bought equities worth Rs 1,374.37 crore on the same day.