Comments
The benchmark indices were trading higher in the afternoon session on Monday led by metals and IT.
The market started the month on a positive note, tracking global markets. It extended gains in the first half, witnessing across-the-board buying.
At 1 pm the BSE Sensex was trading at 59,645.25, up 338.32 points or 0.57 per cent. It recorded an intra-day high of 59,830.31 and a low of 59,355.12. The Nifty 50 was trading at 17,792.35, up 120.70 points or 0.68 per cent. It recorded an intra-day high of 17,833.60 and a low of 17,697.10.
IndusInd Bank, Grasim, Bharti Airtel, Hindalco and Dr Reddy’s were the top gainers on the Nifty 50, while UPL, Bajaj Finserv, Mahindra & Mahindra, Hindustan Unilever and Reliance were the top laggards.
The market recovered after ending lower for three consecutive sessions last week amid sustained FII selling and concerns over rich valuations, among other factors. Moving forward, an important factor that is likely to influence the market are the new IPOs, according to experts.
“Over-subscriptions in attractive IPOs is draining money from the secondary market. So, FII selling and IPOs have emerged as headwinds for the market in the short-term. Investors may wait for the market to consolidate before taking fresh investment decisions," said Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Green all around
On the sectoral front, all indices were in the green. Realty stocks gained focus, with Nifty Realty up 5.27 per cent. Nifty Metal was up 2.49 per cent, while Nifty IT was up 1.62 per cent.
Financials, pharma and healthcare and consumer durables also gained. Nifty Bank was up 0.61 per cent, Nifty Private Bank was up 0.91 per cent, the Nifty Pharma and Nifty Healthcare Index were up 0.96 per cent and 1.10 per cent, respectively. Nifty Consumer Durables was up 1.01 per cent.
Broader indices
The broader indices were also in the green. Nifty Midcap 50 was up 1.06 per cent, while Nifty Smallcap 50 was up 0.75 per cent. The S&P BSE Midcap was up 1.02 per cent, while the S&P BSE Smallcap was up 0.70 per cent.
The volatility index rose 1.17 per cent to 17.63
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.