Mumbai: Snapping the losing streak, the Indian stock market closed in the positive territory on Monday, following value buying in banking heavyweights, as Sensex gained over 442 points.
Sensex settled at 82,200.34, up 442.61 points or 0.54 per cent. The 30-share index opened in green at 81,918.53 against last session’s closing of 81,757.73. However, the index experienced a volatile session, hitting intra-day low at 81,518.66.
Nifty50 closed at 25,090.70, up 122.30 or 0.49 per cent.
Analysts said that positive results from banking majors supported the market to rebound after many days of consolidation.
“The market remains highly reactive to earnings, indicating that investors remain focused on the earnings front to aid valuation,” they added.
The manufacturing segment gained today as the government is reviewing the scope of expanding the infrastructure spending to support growth.
In the Sensex basket, Zomato, ICICI Bank, Adani Ports, HDFC Bank, Mahindra and Mahindra, BEL, Kotak Bank, Tata Motors, Bajaj FinServ, L&T, Power Grid and Kotak Mahindra Bank settled in positive territory. While Reliance, HCL Tech, Hindustan Unilever, TCS, and ITC were closed in red.
Meanwhile, 28 stocks advanced, 21 declined, and one remained unchanged from the Nifty50.
Among sectoral indices Bank Nifty soared 430 points or 1.62 per cent and, Nifty Auto jumped 0.67 per cent or 160 points. At the same time Nifty IT and Nifty FMCG ended the session in red.
Broader indices witnessed a sharp rally with Nifty 100 closed 121 points higher, Nifty Midcap 100 surged 363.85 points, and Nifty Next 50 settled 278 points up.
“Persistent uncertainty surrounding ongoing trade negotiations between the US and India tempered overall market gains, with investors closely monitoring the outcome of these high-stakes discussions for further cues, according to Ashika Institutional Equities.
Rupee traded weak by 0.18 per cent at 86.25 as focus shifts to this week’s Fed Chair Powell’s speech, which is expected to drive volatility in the dollar index.
Additionally, key economic indicators such as Manufacturing and Services PMI will be closely tracked by market participants, said Jateen Trivedi from LKP Securities.
(IANS)
