Market Ends Positive With Nifty, Sensex In Green; Buying In Banks, IT
In the Nifty 50 index, merely 36 stocks advance in the positive territory, while 14 stocks end in the red territory
The Indian stock market ended with significant gain in the Monday trading session. The reduction in geo-political tension and fall in crude oil prices triggered buying in the first trading session of the week.
The National Stock Exchange (NSE) Nifty 50 index 0.66 per cent higher at 25,127, while the S&P Bombay Stock Exchange (BSE) Sensex also settled 591 points or 0.73 per cent higher at 81,973 levels on the closing bell.
Nifty Moves
In the Nifty 50 index, merely 36 stocks advanced in the positive territory, while 14 stocks ended in the red territory.
Among the winners Wipro topped the index with 4.02 per cent gain followed by more than 2 per cent gain in Tech Mahindra, HDFC Life, HDFC Bank and LTI Mindtree.
Among the laggards, ONGC plummeted 2.07 per cent and Maruti lost 1.87 per cent. Tata Steel, Bajaj Finance, Adani Enterprises and Ultratech Cement lost more than 1 per cent.
Analyst Note
"Global markets are showing mixed signals as China’s disinflation and weaker economic data suggest a potential further slowdown in global economic growth, already affected by rising geopolitical tensions. Meanwhile, the Indian market is demonstrating resilience, with subdued Q2 earnings expectations seemingly priced in and oil prices declining. The IT and financial sectors are attracting buying interest after recent corrections," said Vinod Nair, Head of Research, Geojit Financial Services.
“A sharp fall in crude oil prices provided a major impetus to the markets, as markets ended in positive territory led by gains in banking, IT and realty stocks. The recovery may not fuel strong bullish sentiment, as FIIs deserting Indian markets this month coupled with lingering West Asia conflict has created a lot of uncertainty among the investors,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Sectoral Movement
In terms of sectoral performance, Nifty Bank and Financial Services ended with 1.26 per cent and 1.04 per cent gain respectively, while PSU Banks also ended 0.4 per cent higher.
Nifty Realty and IT surged more than 1 per cent followed by nearly half a per cent gain in Pharma and FMCG. However, Metal shredded 0.28 per cent, while Auto closed only 0.1 per cent higher.
The more domestically focussed indices, Mid-cap and Small-cap dipped 0.43 per cent each.
