The key benchmark indices snapped their 2-day losing streak and recouped the previous sessions’ losses to close higher on Monday. Buying was seen across sectors except for IT and PSU Bank stocks. The 30-share Sensex ended 468 points higher at 61,806, while its broader peer, Nifty 50, ended above the 18,400 mark.
Among Sensex stocks, M&M, Power Grid, Bharti Airtel, and Bajaj Finserv were the top gainers, rising over 2-3%. HDFC, HUL, Titan, Maruti, Reliance, and Nestle also closed with gains. However, TCS, Infosys, Tata Motors, Sun Pharma, and IndusInd Bank ended the session with cuts.
Sectorally, Nifty Auto surged 1.59% and Nifty FMCG rose 1.46%, while Nifty IT and Nifty PSU Bank closed lower. In the broader market, Nifty Midcap50 surged 0.67%, and Smallcap50 increased 0.36%.
Asian markets fell again on Monday as investors wrestled with fears the Federal Reserve and European central banks might be willing to cause a recession to crush inflation. in Asian markets, Japan’s Nikkei 225 fell 1.05%, South Korea’s Kospi plunged 0.33% and China’s Shanghai Composite declined 1.92%.
The Indian rupee rose against the dollar as the greenback fell against its major peers, while forward premiums added to last week’s surge. The rupee last traded at 82.69 per US dollar, up from 82.87 in the previous session, whereas the Brent crude February futures surged 1% to $79.79 per barrel.
The market breadth was skewed in favor of bulls as about 2,125 stocks gained, 1,488 declined and 168 remained unchanged. The market capitalisation of all listed companies on BSE increased Rs 2.45 lakh crore to Rs 287.91 lakh crore.
Mr Nagaraj Shetti of HDFC Securities said this upside bounce is likely to continue for the next 1-2 sessions. Immediate resistance to be watched around 18500-18550 levels and the next support is placed at 18250 levels.
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