Benchmark indices found firmer ground on Monday after a three-session losing streak, propped up by buying in banking, finance, FMCG and auto counters despite a bearish trend overseas.
After a weak beginning, the Sensex recovered and ended 300.44 points higher at 59,141.23. The Nifty, too, jumped 91.40 points to close at 17,622.25.
M&M was the top gainer in the Sensex pack, followed by Bajaj Finance, SBI, Nestle India, HUL, Bajaj Finserv and HDFC. In contrast, Tata Steel, ICICI Bank, PowerGrid, NTPC, Asian Paints, L&T and UltraTech Cement were among the laggards.
Eyes on Fed move
Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said markets are likely to remain range-bound ahead of US Fed decision to be announced on Wednesday. “While it is expected that Fed will go for at least 75 bps hike, given the stubbornness of US inflation and robust numbers from US retail sales data and a strong labour market, the aggressive stance towards rate hike is likely to continue for a prolonged time,” he said.