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After a major rout last week, India’s equity benchmarks BSE Sensex and NSE Nifty opened the week with a nearly 0.5 per cent gain on Monday on positive global cues, keeping alive the investors hopes for a rebound set-off on Friday.
Despite a muted start, indices gained ground on investor interest in heavyweights such as Reliance Industries, ICICI Bank, and HDFC Bank for the rest of the session.
While BSE Sensex gained 329.85 points to end the session at 64,112.65, NSE Nifty advanced 93.65 points to close at 19,140.90.
In the broader market, the BSE midcap index gained 0.13 per cent, while the smallcap index closed 0.06 per cent higher.
Meanwhile, global oil benchmark Brent crude declined 1.55 per cent to $89.18 per barrel, indicating a milder impact of the conflict in West Asia on oil prices.
Top gainers and top losers
Within the Nifty pack, BPCL (3.45 per cent), UltraTech Cement (2.24 per cent), ONGC (2.17 per cent), Reliance Industries (1.91 per cent) and SBI Life (1.73 per cent) remained the top gainers, while UPL (4.59 per cent), Tata Motors (1.85 per cent), Maruti (1.53 per cent) and Eicher Motors (1.32 per cent) were among the top losers today.
While banking majors HDFC Bank (1.27 per cent) and ICICI Bank (1.26 per cent) surged, Axis Bank lost 1.31 per cent by the end of the session.
Markets likely to be range bound
According to Nagaraj Shetti, Technical Research Analyst, HDFC Securities, the short-term trend for Nifty continues to be positive with range-bound action.
“The present upside bounce is expected to continue for the short term. The immediate hurdles to be watched are around 19250 and the next 19450 levels in the near term. Immediate support is at 19050 levels,” Shetty said.
Nifty likely to remain stable till Diwali
According to Shrey Jain, founder and CEO of SAS Online, Nifty has the potential to reach 19,350 in the next couple of sessions.
“The overall market outlook remains stable to positive until Diwali. However, minor corrections might occur, particularly influenced by the global situation, notably the Israel-Hamas conflict,” Jain said.
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