The benchmark equity indices ended Monday’s trading session in the positive territory. The NSE Nifty 50 gained 135.10 points or 0.61% to settle at 22,462.00, while the BSE Sensex jumped 363.20 points or 0.49% to 74,014.55. Bank Nifty index ended higher by 453.65 points or 0.96% to settle at 47,578.25.
The broader indices ended in positive territory, with gain led by Large-cap and Mid-cap stocks. Media and Realty stocks outperformed among the other sectoral indices while FMCG and Auto stocks shed.
JSW Steel, Tata Steel, Divis Labs, Shiram Finance, and Adani Ports and SEZ, are the top gainers on NSE Nifty 50 index whereas top laggards include Eicher Motors, Titan Company, Nestle India, LTI Mindtree, and Tata Conumers.
The Indian Volatility Index (India VIX) closed down by 5.84 %.
“Market started the week with modest gains and hit new life highs, gaining over half a percent. After the gap-up opening, Nifty traded lackluster in the narrow range and finally closed around the opening range at 22462 levels. On the sectoral front, realty and metal performed well while FMCG and Auto traded subdued. The broader indices outperformed the benchmark, wherein smallcap gained over three percent while midcap closed higher by one and a half percent,” said Ajit Mishra, SVP – Technical Research, Religare Broking.
Mishra also said that, We are now eyeing 22,700 in nifty thus participants should maintain a “buy on dips” approach. We feel the participation of the banking pack would continue to play a critical role in maintaining the prevailing momentum, while others may play a supportive role on a rotational basis. Traders should maintain a stock-specific approach and focus on the stocks which are showing higher relative strength