Sensex closed above the 59k level on Monday, snapping three sessions of losses. Sensex ended 300 pts higher at 59,141 today. Of 30 Sensex stocks, 22 closed in the green. After opening in the green, the index touched a day’s high of 59,277 and a low of 58,487. The 50-stock Nifty climbed 91 points to end at 17,622 with 35 of its constituents ending in the green.
M&M, Bajaj Finance, SBI, and HUL were the top Sensex gainers, rising up to 3.05 per cent. Tata Steel, ICICI Bank, PowerGrid and NTPC were the top Sensex losers, falling up to 2.50 per cent.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, “While the undertone of the market remained volatile, a strong relief rally after the recent slump helped benchmark indices to rebound. While European markets and most of the Asian pack continued their downward spiral, the underperformance of the Indian markets last week prompted investors to buy the beaten-down stocks. Despite the recovery, markets may gyrate sharply intra-day amid global uncertainty. Technically, after an early morning fall, the Nifty found support near 17450/ (which is double bottom support level) and bounced back sharply and hovered between 17580-17665 levels. If the index trades above 17550 then the pull back formation is likely to continue. Above which, the index could touch the 20 day SMA level at 17675. On further upside, the index may rally up to 17800. On the flip side, below 17550 the index could retest 17450- 17400 levels.”
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Mid-cap and small-cap indices on BSE fell 40 points and 49 points, respectively.
Auto and banking stocks were the top sectoral gainers with their BSE indices zooming 232 points and 158 pts, respectively. Market breadth was negative with 1,713 stocks ending higher against 1,901 stocks falling on BSE. 135 shares were unchanged.
Market cap of BSE-listed firms stood at Rs 280.65 lakh crore. Foreign institutional investors remained net sellers on Friday as they sold shares worth Rs 3,260 crore, as per exchange data.
Previous session Benchmark indices ended lower for the third straight session led by weak global cues. Sensex and Nifty fell nearly 2 per cent each to end the week in the red. Sensex tanked 1,093.22 points to close at 58,840.79. During the day, it tumbled 1,246.84 points or 2 per cent to 58,687.17. Nifty declined 346.55 points or 1.94 per cent to close at 17,530.85.