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After underperforming the global stock markets in April, Indian share markets have been racing to catch-up. The May month rally in the stock markets is led by metal and PSU stocks.
On Monday, the Nifty index closed above the 14,900 mark. It rose by 0.8 percent or 119 points to close at 14,942. The BSE Sensex rose 295 points or 0.65 per cent to close at 49,502. Just a day before the West Bengal election results on May 2, the Nifty had declined to 14,600 levels as some of the large stock market traders got out of their bullish bets ahead of a major event, brokers told BusinessLine .
Mid & Small-cap shines
On Monday, BSE Midcap and Smallcap indices gained nearly a percent each and there is an atmosphere of a broad based rally. However, experts are of the view that the Nifty and Sensex could remain stuck in a range for the next few weeks. For the Nifty index, they are suggesting a broad range of 14.200 to 15,000. Most analysts are of the view that if the Nifty fall below 14,150 it could further slip to 13,700 or 13,800. On Monday, the markets rallied for the fourth consecutive day. The rally in metal stocks is on the back of global rally in metal prices.
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