Stock market today: The new week has brought a big relief for the Indian stock market. The domestic market, which has been facing a sustained sell-off for the last week, opened with a strong rally on Monday. Both BSE Sensex and NSE Nifty opened in the green. Never in the last 25 years has the market seen such a long continuous decline, but today’s opening has put a smile back on the faces of investors. In the early morning trading itself, the Sensex saw a rise of more than 400 points. The market remained closed on Friday due to public holiday, after which heavy buying was seen from the first hour of today.

The initial business saw a huge boom

The Sensex jumped over 400 points as trading opened at 9:15 am on the first day of the trading week. Early in the morning, GIFT Nifty Futures was trading at 22,639 points. These signs clearly indicate that the Nifty 50 is going to make a strong start. The Nifty closed at 22,421.95 on Thursday. The benchmark index immediately made good gains when trade opened on Monday after the Friday holiday. Last week saw a lot of pressure on the market. Sensex and Nifty have been falling for eight consecutive weeks. This was the first time in the long history of 25 years that the downward trend extended for such a long time. Today’s rise has put a brake on this negative trend.

Received huge support from global signals

Behind this surge are positive signals from international markets. The fear that prevailed in America about the interest rate seems to be abating somewhat now. Recent US employment figures have been weaker than expected. This has significantly reduced the chances of an aggressive rate hike by the US Federal Reserve this month. The odds of the Fed raising interest rates in October have now fallen below 25 percent, according to two major market traders. This has given a big boost to emerging market assets, including India.

Apart from this, the market has also strengthened due to the fall in crude oil prices. Brent crude fell 0.6 percent to $101.6 a barrel on Monday. An increase in oil exports from the Middle East and a joint release of oil reserves by the G-7 countries have eased concerns about tight supplies. Other Asian bourses also rose 0.2 percent, boosting local investor sentiment.

Foreign sales vs domestic purchases

Amidst this strength in the market, the attitude of foreign and domestic investors remained completely different. Foreign portfolio investors (FPIs) posted net selling for the sixth consecutive trading session, according to Thursday’s provisional data. Foreign investors on that day received Rs. 94.84 billion (Rs. 94.84 billion) worth of shares were sold. On the other hand, domestic institutional investors (DIIs) took the lead. Local Funds Rs. 100.42 billion was bought heavily. Market analysts believe that this boom in the Indian market will be sustainable only when crude oil prices come down further and foreign investors curb selling.

Major change in leadership at HDFC Bank

When it comes to companies, the country’s largest private lender HDFC Bank is particularly eyed by investors. The bank has appointed Anoop Bagchi as its new CEO for a tenure of three years. Anup Bagchi is currently the MD and CEO of ICICI Prudential Life Insurance. This is the first time in the history of HDFC Bank that an outside candidate has been given the reins of the bank. After this big decision, there is hope of good movement in bank shares.