Benchmarks ended higher for the second straight session today, led by buying in IT, oil & gas and banking stocks amid positive global indices. Sensex rallied 760.37 points to settle at 54,521. During the day, the 30-stock index jumped 795.88 points to 53,760.78. Nifty advanced 229.30 points to 16,278.50.
IndusInd Bank, Infosys, Tech Mahindra, Bajaj Finserv, Axis Bank, UltraTech Cement, Kotak Mahindra Bank and ICICI Bank were Sensex’s top gainers, rising 4.36%. Dr Reddy’s Lab, HDFC Bank, Maruti, Mahindra & Mahindra, Nestlé, Hindustan Unilever and HDFC were Sensex’s biggest losers, dropping as much as 1.70%.
The mid cap and small cap indices increased by 340 points and 357 points respectively. Banking, IT, capital goods and consumer durables stocks were the biggest sector gainers, with their BSE indexes rising 833 points, 832 points, 540 points and 646 points respectively.
Mohit Nigam, Head – PMS, Hem Securities, said: “Good buying was seen in the IT and banking sector, gains in frontline stocks such as Infosys, Tech Mahindra and IndusInd Bank helped lift Indian investors breathed a sigh of relief after RBI’s latest bulletin mentioning that the Indian economy remains bullish despite global headwinds and recession fears.Technically, the key resistance level for Nifty 50 is 16,400 and on the downside 16,200 may be strong support for Bank Nifty are 35,000 and 35,800 respectively.”
Equity Market Update: Sensex Rises 760, Nifty Above 16,250; IndusInd, Infy top winners
The breadth of the market was positive with 2,350 shares finishing higher versus 1,095 shares falling on BSE. 167 shares remained unchanged.
The market capitalization of BSE-listed companies rose to Rs 255.39 lakh crore on BSE today from Rs 251.95 lakh crore in the previous session.
On Friday, foreign institutional investors unloaded shares worth Rs 1,649.36 crore in the capital market, according to exchange data.
Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities, said: “Strong global indices bolstered market sentiment as the benchmark Sensex closed above the psychological bar. of 54,000 thanks to strong global purchasing support. The recent selloff had made some stocks attractive. Consequently, traders bought IT stocks, metals and telecommunications. On the daily charts, the Nifty has formed a long bullish candle that suggests the continuation of the uptrend in the near future. For traders, 16,150-16,200 would act as a strong support zone and above the same, the index could reach the 16,400-16,450 level. On the other hand, below 16,150 the uptrend would be vulnerable.
Meanwhile, the rupee fell 15 paise to close at 79.97 against the US dollar on Monday.
The benchmarks ended the four-day losing streak of gains in autos, capital goods and consumer durables stocks in the previous session. Sensex gained 344 points to close at 53,760 and Nifty was up 110.55 points at 16,049.20. Hindustan Unilever, Titan, Maruti, Larsen & Toubro, HDFC, Mahindra & Mahindra, Nestle and Bharti Airtel were Sensex’s top gainers, rising 2.87%.
Meanwhile, the international crude oil benchmark Brent jumped 2.18% to $103.4 a barrel. In Asia, the Seoul, Shanghai and Hong Kong markets ended up sharply. European markets were trading in the green in mid-term trades. US markets ended sharply higher on Friday.
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