Comments
Benchmark stock market indices were trading higher amid volatility during the afternoon on Monday. Market opened on a positive note, tracking global cues. However, it remained volatile in the first half, oscillating between gains and losses. Indices were trading higher during the afternoon led by financials, auto, metals and oil & gas stocks.
At 1 pm, the BSE Sensex was trading at 52,939.36, up 145.74 points or 0.28 per cent. It recorded an intraday high of 53,428.28 and a low of 52,632.48. The Nifty 50 was trading at 15,835.45, up 53.30 points or 0.34 per cent. It recorded an intraday high of 15,977.95 and a low of 15,739.65.
The volatility index rose 2.51 per cent to 24.08 as investors remained cautious.
According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “In a bear phase there will be relief rallies, but such rallies are unlikely to sustain, given the relentless selling by FIIs. It is rational to expect more FII selling, particularly when the market stages relief rallies. It is important to appreciate the fact that FIIs are selling not because they are bearish on India but because US bond yields are attractive and the dollar is strengthening.”
Eicher Motor, Apollo Hospitals, NTPC, State Bank of India and Maruti were the top gainers on the Nifty 50, while Shree Cement, Ultratech Cement, Asian Paints, Grasim and ITC were the top losers.
Sectoral indices
On the sectoral front, while financials, realty, auto, metals and oil & gas stocks gained, IT, FMCG, consumer durables and pharma stocks dragged.
Nifty PSU Bank was up 2.5 per cent, while Nifty Realty was up over 2 per cent. Nifty Auto was trading nearly 2 per cent higher against its previous close.
Nifty Bank, Nifty Metal and Nifty Private Bank were each up over 1 per cent. Nifty Financial Services was up nearly 1 per cent, while Nifty Oil & Gas was trading 0.5 per cent higher.
On the other hand, Nifty IT was down 0.74 per cent. Nifty FMCG and Nifty Consumer Durables were down 0.21 per cent and 0.26 per cent, respectively. Nifty Pharma was down 0.20 per cent.
Broader indices
Midcaps gained focus in the broader market. Nifty Midcap 50 was up 1.01 per cent, while Nifty Smallcap 50 was down 0.27 per cent. The S&P BSE Midcap was up 1.03 per cent, while the S&P BSE Smallcap was up 0.41 per cent.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.