Nifty Captures All-time High; Sectoral Indices All Green

The Indian stock market displayed its positive momentum in the Monday trading session. All indices except IT ended with gains, moreover the benchmark index, Nifty closes at all-time high. Investors awaits the union budget, while carefully tracking the Fed’s interest in rate cuts. 
 

The National Stock Exchange (NSE) Nifty 50 index ended 0.35 per cent higher at 24,586 whereas the S&P Bombay Stock Exchange (BSE) Sensex also settled 145 points or 0.18 per cent higher at 80,664 levels on the closing bell. 

Nifty Moves

In the Nifty50 index, 35 stocks advanced in the positive territory, while 15 stocks ended in the red territory.

Among the winners, government PSU ONGC topped the index with 5 per cent gain followed by 3.24 per cent and 3.15 per cent gain in SBI Life and Shriram Finance respectively. Bajaj Auto, SBI and NTPC also traded more than 2 per cent higher. 

Among the losers, LTI Mindtree shredded 1.7 per cent followed by more than 1 per cent loss in Asian Paints, Grasim Industries and Tata Steel. 

Analyst Note

“Investors are adopting a selective buying approach with just over a week's time left for the Budget, as the market has already run up sharply over the past few weeks in hopes of a strong reform-oriented Budget. Global cues will also dictate trends, and investors would be watchful of the geo-political tensions and the Fed's statement on rate cuts,” said Prashanth Tapse, Senior VP (Research), Mehta Equities. 

Sectoral Movement

In terms of sectoral performance, Nifty Bank moved 0.34 per cent higher, whereas Financial Services gained 0.37. Further, PSU Banks soared with the gains of 3.07 per cent. 

Auto and Pharma gained more than 1 per cent followed by more than half a per cent gain in FMCG. Metal closed with slight gains, while IT fell 0.29 per cent. 

The more domestically focussed indices, Mid-cap and Small cap traded with decent gains and ended 0.86 per cent and 0.52 per cent higher respectively.