Benchmark indices Sensex and Nifty ended nearly 1 per cent higher on Monday led by heavy buying in banking, oil and FMCG shares after two sessions of losses. Sensex rose 468.38 points to end at 61,806.19. During the day, the index advanced 507.11 points or 0.82 per cent to a high of 61,844.92. Nifty climbed 151.45 points or 0.83 per cent to end at 18,420.45.
Top Gainers:
Mahindra & Mahindra (2.97%), Power Grid (2.58%), Bharti Airtel (2.31%), Bajaj Finserv (2%), HDFC (1.64%) and Hindustan Unilever (1.71%) were the top Sensex gainers.
Top Losers:
Tata Consultancy Services (1.13%), Infosys (0.97%) , Tata Motors (0.80%) Sun Pharma (0.63%), IndusInd Bank (0.47%) and Wipro (0.18%) were the only Sensex losers.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, “A long positive candle was formed on the daily chart, which signals a pullback rally in the market after a small downward correction. The negative chart pattern like smaller degree lower tops and bottoms continued as per the daily timeframe chart. After the formation of new lower bottom on Monday at 18244, the odds of some more upside bounces could be in store for the short term. The market seems to have shifted towards a pullback rally after a small downward correction and this upside bounce is likely to continue for the next 1-2 sessions. Immediate resistance to be watched around 18500-18550 levels and the next support is placed at 18250 levels.”
Market cap of BSE-listed firms settled at Rs 287.90 lakh crore. BSE mid cap and small cap indices rose 173 points and 85 points, respectively. Market breadth was positive with 2,117 shares closing higher against 1501 stocks falling on BSE. 163 shares were unchanged.
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Auto, consumer durables and capital goods shares were the top sectoral gainers with their BSE indices rising 490 pts, 291 pts and 263 points, respectively. IT shares were the top losers with the BSE IT index falling 159 points to 28,633. Nifty IT index too slipped 145 points to 28,556.
Vinod Nair, Head of Research at Geojit Financial Services said, “Stabilising after the previous session, domestic indices edged towards gains owing to optimistic cues from Western markets. However, the IT sector stood out as an exception to the rally, as the growth guidance of the US IT sector signalled downgrades. Fears of a worldwide recession and mounting local COVID cases weighed heavily on Asian stocks.”
Foreign institutional investors (FIIs) offloaded shares worth Rs 1,975.44 crore on Friday, according to exchange data.
Previous session
Benchmark indices Sensex and Nifty closed lower on Friday, in line with weak global cues following the US Federal Reserve’s interest rate hike and its hawkish stance. Sensex tanked 461 points to end at 61,337 and Nifty plummeted 145 points to close at 18,269. Dr Reddy’s (3.62%), M&M (2.44%), Asian Paints (2.30%), TCS (2.01%), SBI (1.98%), Titan (1.59%) and PowerGrid (1.48%) were the top Sensex losers.
Global markets
Elsewhere in Asia, equity markets in Seoul, Tokyo, Shanghai and Hong Kong ended lower. Equity exchanges in Europe were trading in the green in mid-session deals. The US markets had ended lower on Friday. International oil benchmark Brent crude climbed 1.15 per cent to $79.95 per barrel.