Sensex and Nifty closed marginally higher on Monday in a rangebound trade activity tracking positive cues on hopes of better-than-expected second quarter earnings and optimism about the macroeconomic data
Sensex and Nifty closed marginally higher on Monday in a rangebound trade activity tracking positive cues on hopes of better-than-expected second quarter earnings and optimism about the macroeconomic data. The key equity index Sensex advanced as much as 121 points to hit the day’s high at 31,935.63 points before ending up 0.1% at 31,846.89 points while NSE Nifty gained 36 points to hit 10,015.75 points before settling 0.09% higher at 9,988.75 points.
“Markets closed the session flat for the day on Monday on the back of subdued global cues, FIIs continue to sell while DIIs continue to remain net buyers. Coal India and Yes Bank were the best performers of the session, whereas oil marketing companies and Reliance closed the session down for the day. Markets have retraced back to half the overall fall which led to a low of 9,732, this could be trying times and we would continue to remain cautious until the indices close above 10,050. We would maintain a wait and watch approach at this juncture..,” said Nikhil Kamath, Co-Founder and Head of Trading, Zerodha.
Shares of Coal India, HUL, Kotak Mahindra Bank, Dr Reddy’s, Adani Ports were the major gainer on Sensex while Power Grid, ONGC, Reliance Industries lost the ground. The stocks of heavyweight companies such as ITC, Kotak Mahindra Bank, HDFC, and HUL contributed the most to the index rise. Collectively these four stocks in alone added about 63 points while a decline in Reliance Industries and HDFC Bank capped the gains.
The domestic markets will likely to be steered by earnings of IT bellwether Tata Consultancy Services (TCS) as well as the key inflation and IIP data. The market participants are keenly awaiting the second quarter earnings to gauge the direction of equities from here. TCS is all set to announce its earnings for the July-September quarter on 12 October. The macroeconomic data such as Index of Industrial production (IIP) for August and inflation numbers for September are due on Thursday.