Sensex climbs 327 pts, Nifty ends above 15,800; bank, FMCG shares lead gains

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Benchmarks ended three sessions of losing streaks on Monday, trailing gains in global stock markets and buying index majors ICICI Bank and Hindustan Unilever. Sensex gained 326.84 points to finish at 53,234. Nifty closed 83.30 points higher at 15,835.35.

Hindustan Unilever, IndusInd Bank, ITC, ICICI Bank, Power Grid and SBI were among Sensex’s top gainers, reaching 4%.

TCS, Tata Steel, Mahindra & Mahindra and Dr Reddy’s were Sensex’s biggest losers, dropping as much as 2.46%.

“As we head into the new earnings season, the market’s main focus will be on quarterly numbers and updated forecasts for the new fiscal year,” said Vinod Nair, head of research at Geojit Financial Services.

The BSE Midcap and Smallcap indices increased by 178 and 143 points respectively.

Bank stocks were the main sector gainers with their BSE index up 415 points to 39,041. The BSE FMCG index also gained 350 points.

On the other hand, the BSE metals index was the big loser, finishing 232 points lower at 15,380.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan of BNP Paribas, said: “After a negative start on July 4, Nifty experienced a brief consolidation in the range of Rs 15,650 to Rs 15,800. session, the bulls managed to clear the 15,800 hurdle. The hourly chart shows that the index is trading near a downtrend line beyond which the bullish momentum will pick up. key barrier where the index may stumble again. On the other hand, 15,650 and 15,500 are the short-term supports to provide a cushion on the downside.

The market breadth was positive with 2,020 shares finishing higher versus 1,365 shares falling on BSE. 181 shares remained unchanged.

Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 2,324.74 crore on Friday, according to data from the exchange.

The market capitalization of BSE-listed companies rose to Rs 245.23 lakh crore today from Rs 243.87 lakh crore in the previous session.

The market closed lower on Friday on the back of selling oil and gas stocks after the government imposed taxes on petroleum product exports and windfall gains from crude oil refining.

Sensex fell 111 points to 52,908 and Nifty closed down 28 points to 15,752 in a volatile trade. ITC, Bajaj Twins and Asian Paints were Sensex’s top gainers, rising 3.99%. Reliance Industries, PowerGrid, NTPC and Bharti Airtel were Sensex’s biggest losers, falling to 7.14%.

Global Markets

In Asia, the Tokyo and Shanghai markets ended in the green, while Seoul and Hong Kong settled down.

European stock markets were trading in the positive zone during mid-term trades. American markets were closed for a holiday. Meanwhile, the international crude oil benchmark Brent fell 0.50% to $111 a barrel.

Equity Market Update: Sensex Rises 327, Nifty Above 15,800; HUL and IndusInd Bank are the top winners

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