Sensex, Nifty End With Positive Bias
The 30-share pack Sensex closed higher by 111.42 points at 50,651.90 with 17 advances and 13 declines on May 24. The shares of SBI gained over two per cent, while those of L&T, Axis Bank, and Power Grid gained over a per cent each in the day's trade on BSE.
The key index Nifty-50 closed at 15,197.70, up by 22.40 points. The Nifty Bank index continued to rally for the second consecutive session as it closed higher by 336.70 points led by shares of PNB (+4.60 per cent), IDFC First Bank (+3.49 per cent), and SBI (+2.70 per cent).
On the flipside, Metal and FMCG sectors witnessed selling pressure and ended among the laggards for the markets on Monday. Shares of Tata Steel (-2.40 per cent), JSW Steel (-1.90 per cent), and Britannia (-1.65 per cent) were the top losers of the index in the day's trade.
In the overall market breadth, 1066 shares advanced, and 710 shares posted losses in the NSE.
Factors such as declining virus cases in the country, increased foreign inflows, better numbers at the foreign exchange reserves of the country, and firm global peers have backed the investor sentiment, said experts.
"Traders got solace as country’s daily COVID-19 cases stayed below the 300,000-mark for more than a week. Adding to the optimism, RBI data showed the country's foreign exchange reserves rose by $563 million to reach $590.028 billion in the week ended May 14," said Narendra Solanki - Head of Fundamental Equity Research at Anand Rathi Shares & Stock Brokers.
However, analysts added that pressure from Inflation factors in the U.S and the possible impact of the second wave in the home can play the spoilsport for market participants in the near future.
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