The Indian stock market began its first trading session of the week with record high levels in the benchmark indices, Nifty and Sensex. The absence of any global hurdles and anticipation of market-friendly budget infused buying in today’s session.
The National Stock Exchange (NSE) Nifty 50 index ended 0.55 per cent higher at 24,141 whereas the S&P Bombay Stock Exchange (BSE) Sensex settled 443 points or 0.56 per cent higher at 79,476 levels on the closing bell.
Nifty Moves
In the Nifty50 index, 33 stocks advanced in the positive territory, while 17 stocks ended in the red territory.
In the winners, Tech Mahindra and Wipro topped the index with 2.92 per cent and 2.43 per cent gain. Bajaj Auto, Grasim Industries and Ultratech Cement also gained more than 2 per cent.
Among the losers, NTPC dipped the most with a 2.27 per cent loss. SBI Bank, Eicher Motors and Dr Reddy also lost around 1 per cent.
Analyst Note
“Markets slipped into the red in early trades but soon reversed the trend to trade higher as positive Asian and European cues fuelled recovery amid buying in banking, IT and telecom stocks. While there has been no negative news on economic parameters, investors are closely watching developments on the patchy monsoon so far and the upcoming Budget,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Sectoral Movement
In terms of sectoral performance, IT index took the lead with nearly per cent gain, followed by 0.9 per cent and 0.4 per cent gain in Finance and Nifty Bank. However, PSU Banks dropped 0.76 per cent.
FMCG and Metal gained 0.7 per cent, while Auto gained half a per cent. Pharma booked slight gains of 0.14 per cent, however Realty shredded 0.33 per cent.
The more domestically focussed indices, Mid-cap gained 1 per cent, whereas Small cap climbed 1.51 per cent.
