Market maintained the bullish momentum on Monday as benchmark indices closed at record highs, led by IT.

Market opened on a positive note amid firm global cues and extended gains through the day on sustained buying in index heavyweights. The rally was led majorly by gains in heavyweights such as Reliance Industries. IT stocks also gained focus during closing hours while financials and FMCG witnessed profit-booking.

The BSE Sensex, which recorded a new all-time high of 58,515.85 during the morning session, closed at 58,296.91, up 166.96 points or 0.29 per cent. It hit an intraday low of 58,200.29. The Nifty 50 closed at a record high of 17,377.80, up 54.20 points or 0.31 per cent after recording a fresh all-time high of 17,429.55. It recorded an intraday low of 17,345.55.

However, NSE Volatility index rose 3.86 per cent at closing, moving past the psychological 15 per cent. The volatility index ended at 15.11.

Advance decline ratio @ 1:1

The breadth of the market remained positive, however, the number of stocks that advanced was almost equal to the number of stocks that declined. As many as 1,691 stocks advancing on the BSE, as compared to 1,627 stocks that declined while 177 remained unchanged. Furthermore, 380 stocks hit the upper circuit as compared to the 250 stocks that were locked in the lower circuit. Besides, 250 stocks touched a 52-week high level and 32 touched a 52-week low.

Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers, said, “Indian markets started on a positive note following positive Asian markets cues as US Fed's tightening fears cool off following disappointing jobs data and Fed Chairman comments emphasizing the need for stronger jobs data before the central bank would start to unwind its massive bond-buying program.”

“During the afternoon session, markets continued to trade in a positive zone as traders continue to get encouragement with regular foreign capital inflows on the back of strong global cues and domestic economic activity. Buying in realty and energy counters too helped markets to edge higher, though some selling was witnessed in oil & gas and power stocks. Adding to the positive sentiments, a private report stated that Union government's net (post-refunds) direct tax collections rose 95% on-year to ₹3.7 lakh crore till September of the current financial year, thanks to a low base, a pick-up in economic activities, higher corporate earnings and better compliance. The robust collections are despite a surge in refunds,” added Solanki.

Wipro, HCL Tech, Infosys, Reliance and Hindalco were the top gainers on the Nifty 50 while IOC, IndusInd Bank, ONGC, Britannia and Kotak Bank were the top laggards.

RIL stock has continued its rally on a slew of positive business news. It closed 1.70 per cent higher on the NSE, after recording a fresh 52-week high of ₹2,480.

Realty, IT stocks lead

On the sectoral front, while financials, FMCG and Oil & Gas stocks dragged, realty and IT stocks gained. 

Nifty Bank and Nifty Financial Services were down 0.46 per cent and 0.29 per cent, respectively at closing. Nifty Private Bank was down 0.54 per cent while Nifty PSU Bank was down 0.19 per cent. Nifty Oil & Gas was down 0.22 per cent. Nifty FMCG was down 0.14 per cent.

Meanwhile, Nifty Realty was up 3.16 per cent and Nifty IT ended 1.50 per cent higher. 

Broader indices 

Broader indices were also trading higher.

Nifty Midcap 50 was up 0.31 per cent while Nifty Smallcap 50 was up 1.06 per cent. The S&P BSE Midcap was up 0.18 per cent while the S&P BSE Smallcap was up 0.59 per cent.

 

 

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