Stock Market Live Updates: Sensex Nears 78,000, Nifty Gains 300 pts; Kotak Mahindra Jumps 4.5%

Sock Market Live Updates: As of 2 PM, the Indian stock market is witnessing a strong rally, with all sectoral indices trading in the green. The Nifty 50 is up 319.05 points (1.37%), trading at 23,669.45, while the Sensex has surged 1,084.84 points (1.41%) to reach 77,990.34.

Among the top gainers, Kotak Mahindra Bank, along with key defense stocks, is showing significant momentum. Hindustan Aeronautics Ltd (HAL) and Mazagon Dock Shipbuilders are leading the rally in the defense sector.

Earlier, Sensex and Nifty started Monday's session on a strong note after GIFT Nifty hinted as positive start of the benchmark indices today. Nifty 50 opened above 22,500 points, whereas BSE Sensex jumped 500 points after the opening session.

Meanwhile, most of the smallcap and midcap stocks were trading in green. Additionally, Power Mech Projects shares opened 6% higher after the company secured a Rs 579 crore contract from Bharat Heavy Electricals Limited (BHEL).

GIFT Nifty's positive start has hinted of a strong session of the Indian stock market on Monday. Last week's stock market rally has raised hopes of sustained momentum of benchmark indices today. BSE benchmark and Nifty surged in the last five trading sessions and recorded their biggest-ever weekly gains in the last four years.

The Nifty 50 closed 165 points or 0.71% higher at 23,356 and Sensex jumped 557.45 points or 0.73% to close at 76,905.51 points.

FII turned net buyers

Stock market performance improved amid eased pressure from foreign portfolio investors. FII or FPI turned net buyers for the second straight day on Friday. FIIs bought equities worth Rs 7,470.4 crore, the highest buying from the FPIs this year. Whereas, domestic institutional investors remained net sellers of of Indian equities for the second consecutive day. DIIs sold equities worth Rs 3,202.3 crore.

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Indian Rupee rally

Rupee strengthened for the ninth consecutive session on Monday. The Indian Rupee opened 4 paise higher at 85.94 against US dollar. The surge came days after the domestic currency closed at 85.98 on Friday, reported Bloomberg. The Indian Rupee is regaining strength as it continues its best winning streak since January. So far in March, the currency value as increased by 1.83 per cent.

Indian rupee strengthened 0.38% and increased to 85.9950 against US dollar on Friday March 21. The INR closed at 86.37 on Thursday. Domestic currency gained for eight straight sessions and witnessed its best weekly performance since January 2023. In March, the Indian Rupee has increased by 1.78% in March so far. Despite its monthly gain, the currency has declined over 2.8 per cent so far.

US stock market closed on higher note

Stock market indices, S&P 500 added 0.80 per cent to close at 5,667.56, the Nasdaq Composite ended 0.52% higher at 17,784.05. Additionally, the Dow Jones Industrial Average increased by 32.03 points, or 0.08 per cent, to end at 41,985.35.

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