Benchmark indices ended higher for the second consecutive session today led by buying in IT, oil and gas, and banking shares amid positive global cues. 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 the top Sensex gainers, rising up to 4.36 per cent. Dr Reddy’s Lab, HDFC Bank, Maruti, Mahindra & Mahindra, Nestle, Hindustan Unilever and HDFC were the top Sensex losers, falling up to 1.70 per cent.
Mid cap and small cap indices rose 340 points and 357 points, respectively. Banking, IT, capital goods, and consumer durables shares were the top sectoral gainers, with their BSE indices rising 833 points, 832 points, 540 points, and 646 points, respectively.
Mohit Nigam, Head – PMS, Hem Securities said, “Good buying was witnessed in the IT and banking sector, gains in frontline stocks such as Infosys, Tech Mahindra and IndusInd bank helped in lifting the market. Indian investors had a sigh of relief after RBI’s latest bulletin mentioning that the Indian economy remains upbeat despite global headwinds and fears of recession. On the technical front, the key resistance level for Nifty 50 is 16,400 and on the downside, 16,200 can act as strong support. The key support and resistance levels for Bank Nifty are 35,000 and 35,800, respectively.”
Share Market update: Sensex rises 760 pts, Nifty above 16,250; IndusInd, Infy top gainers
Market breadth was positive with 2,350 stocks ending higher against 1,095 stocks falling on BSE. 167 shares were unchanged.
The market cap of BSE-listed firms rose to Rs 255.39 lakh crore on BSE today against Rs 251.95 lakh crore in the previous session.
Foreign institutional investors offloaded shares worth Rs 1,649.36 crore in the capital market on Friday, as per exchange data.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, “Firm global cues bolstered market sentiment as benchmark Sensex closed above the psychological 54000-mark on strong all-round buying support. The recent sell-off had made some stocks attractive. Hence, traders bought IT, metals, and telecom stocks. On daily charts, the Nifty has formed a long bullish candle which suggests 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 hit the level of 16,400-16,450. On the flip side, below 16,150, the uptrend would be vulnerable.”
Meanwhile, rupee fell 15 paise to close at 79.97 against the US dollar on Monday.
Benchmark indices snapped the four-day losing streak led by gains in auto, capital goods, and consumer durables shares in the previous session. Sensex gained 344 points to close at 53,760 and Nifty rose 110.55 points to 16,049.20. Hindustan Unilever, Titan, Maruti, Larsen & Toubro, HDFC, Mahindra & Mahindra, Nestle, and Bharti Airtel were the top Sensex gainers, rising up to 2.87 per cent.
Global markets
Meanwhile, international oil benchmark Brent crude jumped 2.18 per cent to $103.4 per barrel. In Asia, markets in Seoul, Shanghai, and Hong Kong ended significantly higher. Markets in Europe were trading in the green during mid-session deals. The US markets had ended sharply higher on Friday.
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