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Sensex, Nifty break six-day losing streak amid positive global cues


Sensex rebounded by 180 points after a see-saw trade on Monday, breaking its six-day falling streak on the back of gains in banking, financials, power and auto counters. Sensex rose 180.22 points or 0.34 per cent to end at 52,973.84. During the day, it zoomed 634.66 points or 1.20 per cent to 53,428.28.

Nifty gained 60.15 points or 0.38 per cent to settle at 15,842.30, logging its first gain in seven sessions. Sensex and Nifty lost over 5 per cent in the previous six sessions due to heavy selling by FPIs over inflation concerns.

Top Sensex gainers were NTPC, Bajaj Finance, Maruti, State Bank of India, HDFC, Kotak Mahindra Bank, M&M, IndusInd Bank, Larsen & Toubro, Titan and HDFC Bank rising up to 3.05 percent.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas said, “Nifty opened on a positive note and attempted to build upon the early gains. On the higher side, however, it stumbled near the 16000 mark. The index oscillated throughout the day and ultimately formed a Doji pattern on the daily chart. This shows indecision in the minds of the market participants. The index is expected to stay under pressure as long as it trades below 16,000. In that case, it can test the March low of 15,671. On the flip side, if the bulls manage to take out the 16,000 mark on a closing basis, then the Nifty can take a leap towards 16,200-16,250.”

UltraTech Cement, Asian Paints, ITC and TCS were the top Sensex losers, falling up to 3.01  per cent. Market cap of BSE listed firms rose to Rs 243.49 lakh crore.

Vinod Nair, Head of Research at Geojit Financial Services said, “Continued selling by FIIs as they chase high yield US bonds restricts the Indian market to hold on to its pull-back rally, despite interest from domestic investors. Weakness in global equities along with unfavourable global cues led to heavy selling towards the closing hours, as investors lacked confidence to take forward their positions.”

Also read: Adani Group shares zoom up to 8% on deal to buy Holcim India assets

Shares of ACC and Ambuja Cements ended higher after Gautam Adani’s group clinched a deal to acquire a controlling stake in Holcim Ltd’s businesses in India for $10.5 billion.

In the previous trade on Friday, the BSE benchmark declined 136.69 points or 0.26 per cent to end at 52,793.62. The NSE Nifty dipped 25.85 points or 0.16 per cent to settle at 15,782.15.

Markets in Asia ended on a mixed note, with Hong Kong and Tokyo settling in the green, while Seoul and Shanghai were marginally lower. Equity exchanges in Europe were also quoting on a mixed note in the afternoon session. Stock exchanges in the US had ended with smart gains on Friday. Meanwhile, international oil benchmark Brent crude declined 0.51 per cent to $111 per barrel.

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