Sensex Gains 367 pts, Nifty Holds 19,750; Metal, IT Stocks Rally
Sensex Gains 367 pts, Nifty Holds 19,750; Metal, IT Stocks Rally
S&P BSE Sensex declined over 100 points to trade below 66,050 levels; the Nifty50 index slipped below 19,650 levels

Sensex Today: Benchmark indices gained on Monday, lifted by an upbeat global mood. The S&P BSE Sensex advanced 367 points, or 0.56 per cent, to settle at 66,528 levels. The Nifty50, meanwhile, reclaimed the 19,750-mark to end at 19,754 levels, up 108 points or 0.55 per cent.

NTPC, Power Grid, Tata Steel, TCS, Tech M, JSW Steel, Maruti Suzuki, Tata Motors, Wipro, Bajaj Finserv, Infosys, HCL Tech, and IndusInd Bank were the top gainers on the 30-pack index, gaining between 1 per cent and 4 per cent. On the downside, Kotak Bank, Bajaj Finance, HUL, Bharti Airtel, ITC, and Asian Paints were the top laggards, down up to 1.2 per cent.

The broader markets outshone the frontline indices, with the BSE MidCap and SmallCap indices advancing 0.86 per cent and 1.31 per cent, respectively.

Among sectors, the Nifty Metal index added 1.58 per cent, followed by the Nifty IT index (up 1.44 per cent). On the contrary, the Nifty FMCG index slipped 0.67 per cent.

More than 300 stocks touched their 52-week high on the BSE, including Siemens, MRF, Wonderla Holidays, PSP Projects, Grasim Industries, Texmaco Rail & Engineering, Larsen & Toubro, Oil and Natural Gas Corporation, Hindustan Aeronautics, Godfrey Phillips, Dr. Reddy’s Laboratories and DLF.

Shrikant Chouhan, Head of Research (Retail), Kotak Securities, said: “Strong buoyancy in Asian and European indices bolstered the local market sentiment, as the beaten-down sectors in recent sessions like IT, metals, power, and oil & gas stocks were the star performers. The undertone of our market is still bullish and hence we may not see such frenzied selling unless there is any major havoc in global markets. Technically, the Nifty took support near the 20-day SMA (Simple Moving Average) and bounced back sharply.”

“A promising reversal formation is indicating further uptrend from the current levels. For the trend-following traders, 19650 would be the trend decider level, and above the same the market could move up till 19850-19875. On the flip side, below 19650, bulls may prefer to exit from long positions and could retest the level of 19600-19560,” he added.

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