Sensex Opens Week Higher
India’s BSE Sensex rose about 0.6% to 74,738 on Monday, rebounding from losses in the previous session as easing oil prices provided support to the benchmark, although crude prices remained elevated and heavy IPO activity capped broader gains. Oil prices remained a key focus for investors, with Brent crude trading around $101.6 a barrel after falling 2.2% in the previous session, but remaining at levels that could add to India’s inflation pressures and weigh on the country’s trade balance. Investors were also tracking the impact of a busy primary market. The roughly $2.3 billion IPO of the National Stock Exchange was due to close on Monday, adding to competition for liquidity alongside several other new share offerings. Meanwhile, fintech platform Moneyview is targeting a valuation of up to about 59.85 billion rupees ($624 million) in its upcoming IPO, which is scheduled to open on Sept. 24. Among stocks, HDFC Bank (0.6%), Welspun (1.9%), Reliance (1.1%), and Jyoti CNC (4.2%) gained.
6% to 74,738 on Monday, rebounding from losses in the previous session as easing oil prices provided support to the benchmark, although crude prices remained elevated and heavy IPO activity capped broader gains. 2% in the previous session, but remaining at levels that could add to India’s inflation pressures and weigh on the country’s trade balance. Investors were also tracking the impact of a busy primary market. 3 billion IPO of the National Stock Exchange was due to close on Monday, adding to competition for liquidity alongside several other new share offerings.
85 billion rupees ($624 million) in its upcoming IPO, which is scheduled to open on Sept. 24. 2%) gained.