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06/05/24 | 10:58 am | Indian stock market

Indian stock market surges in early trading

The Indian equity market started the week on a positive note as the benchmark indices, Sensex and Nifty, bounced back in early trade.

The BSE Sensex climbed 328.54 points to reach 74,206.69, while the NSE Nifty advanced by 93.45 points, settling at 22,569.30. Among the major gainers in the Sensex basket were TCS, JSW Steel, IndusInd Bank, ICICI Bank, Wipro, and Axis Bank. Notably, Kotak Mahindra Bank saw a remarkable jump of over 4 percent after announcing a substantial 25 percent growth in its net profit for the March quarter, totaling Rs 5,302 crore. However, some stocks such as Titan, State Bank of India, Power Grid, BPCL, and Larsen & Toubro faced downward pressure, acting as laggards in the market.

In the currency space, the Indian rupee displayed strength, appreciating by 3 paise against the US dollar, with the exchange rate standing at 83.42. This appreciation was bolstered by a firm trend in domestic equities, coupled with a decline in the value of the American currency. Currently, the dollar index, which gauges the US dollar against a basket of six major currencies, is hovering around the mark of 105.

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