The Indian stock market continued its winning streak in the Monday trading session as the market sentiments turned optimistic on rate cuts.
The National Stock Exchange (NSE) Nifty 50 index ended 0.76 per cent higher at 25,010, however the S&P Bombay Stock Exchange (BSE) Sensex settled 611 points or 0.75 per cent higher at 81,698 levels on the closing bell.
Nifty Moves
In the Nifty 50 index, 32 stocks advanced in the positive territory, while 18 stocks ended in the red territory.
Among the winners Hindalco led with nearly 4 per cent gain, followed by more than 3 per cent gain in HCL Technology and NTPC. Bajaj Finserv, ONGC and Tech Mahindra ended more than 2 per cent higher.
Among the losers, Apollo Hospitals lost more than 1 per cent, while Hero Motocorp, Adani Ports, Maruti and Eicher Motors shredded significantly.
Analyst Note
“Markets shrugged off the recent sluggish trading sessions, as the US Fed chairperson last week pointing towards a likely rate cut fuelled a major rally that saw Nifty close above the crucial 25,000 mark. While simmering tension in West Asia may continue to keep investors on the edge, India, relatively better off compared to other major economies, could continue to attract investor fund flows in the medium term,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Sectoral Movement
In terms of sectoral performance, Nifty Bank ended 0.42 per cent higher and Financial Services gained 0.66 per cent, while PSU Banks lost half a per cent.
Metal soared with more than 2 per cent gain followed by 1.76 per cent and 1.39 per cent gain in Realty and IT respectively. FMCG and Auto gained 0.39 per cent and 0.35 per cent respectively along with marginal gains in Pharma.
The more domestically focussed indices, Mid-cap gained 0.64 per cent, whereas Small-cap climbed 0.28 per cent.