Domestic benchmark indices BSE Sensex and NSE Nifty rallied for the fourth consecutive session on Monday on account of positive global cues. The 30-share index closed 35.47 points up at 28,634.50, while the 50-share index gained 28.55 points to 8,808.40. Domestic equity markets started the day in green with DIPP Secretary Ramesh Abhishek’s statement that implementation of the goods and services tax (GST) is bound to be a game changer for India’s manufacturing sector and will enhance ease of doing business in the country. All eyes will be now on the central banks this week, with the US Federal Reserve’s two-day meet starting on Tuesday and the Bank of Japan meeting on the same day.
Among the 51-components in the Nifty index, 36 ended the day with gains with IndusInd Bank surging the most — 2.74 per cent, followed by Aurobindo Pharma (up 2.59 per cent), Tata Power (up 2.25 per cent), Ambuja Cement (up 2.17 per cent) and TCS (up 2.09 per cent). On the other hand, Maruti Suzuki, Bajaj Auto, Axis Bank, Hero MotoCorp and HDFC Bank slipped by 1.37 per cent, 1.23 per cent, 1.20 per cent, 0.91 per cent and 0.63 per cent, respectively.
Jayant Manglik, president, retail distribution, Religare Securities said, “Nifty ended marginally higher on Monday amid volatility, thanks to favourable cues both from the domestic and global front.”
Barring the BSE FMCG index (down 0.43 per cent), rest all other sectoral indices on BSE ended the day in positive terrain. The BSE Realty index, BSE Metal, BSE Power index and BSE Oil & Gas index gained 1.60 per cent, 1.33 per cent, 0.76 per cent and 0.70 per cent, respectively.
Other Asian markets also ended mostly higher on Monday. Shanghai and Hang Seng closed 0.77 per cent and 0.92 per cent up at 3,026.05 and 23,550.45, respectively.