The domestic key equity indices cut the two-day-long losing streak, with benchmark indices closing over 1% higher each. The indices were pushed by better-than-expected earnings of Reliance Industries, helped by oil & gas, PSU banks, and pharma stocks.
On Monday, the Nifty 50 shot up 273 points or 1.14% to settle at 24,312. The Nifty 50 closed above 24,300 after 3 days. The BSE Sensex advanced 944 points or 1.19% to finish at 80,156.23.
“The domestic market recouped from the losses incurred during the last two days of the previous week, which stemmed from the border tensions. While sustained buying from FIIs and better results from RIL also boosted the investor sentiment. A weakening dollar and inflationary pressure in the US may attract FIIs into the domestic market. However, investors are advised to exercise caution in the near term as the market is yet to discount the impact of retaliation for the Pahalgam terror attack,” said Vinod Nair, Head of Research at Geojit Investments.
5 big highlights from today’s market action-
Indices advanced in intraday trade
The Sensex surged over 1,100 points during the day, hitting a high of 80,321.88. Nifty, too, advanced more than 300 points to trade above the important 24,300 mark and hit an intraday high of 24,355.10.
Top gainers
The oil-to-chemicals giant Reliance Industries ranked on the charts, which was followed by Sun Pharmaceuticals, JSW Steel, BEL, and Dr Reddy’s Laboratories. Reliance was also among the top five movers in today’s trade.
Top losers
Meanwhile, the shares of Shriram Finance held the seat of top laggard in the Nifty 50. It was followed by Eternal (Zomato), UltraTech Cements, HCL Technologies, and Hindustan Unilever.
Sectoral Index
The Nifty Oil & Gas closed the highest among the sectoral indices, surging 3.18% to 11,132.10 level in Monday’s trade as its highest contributor, Reliance Industries, broke free post quarterly results. Further, the PSU banks and pharma stocks followed suit, surging 2.44% and 1.98% respectively.
The Nifty Bank outperformed key indices, rising 750 points or 1.37% to close at 55,414.10. The BSE Midcap jumped 568.30 points or 1.34% to close at 43,097.01.
In the broader markets, small- and mid-cap stocks closed on a higher note following the overall market sentiments. The volatility index India VIX cooled down by 1.26% to the 16.94 level.
Market breadth in bulls’ favour
The overall market breadth remained in favour of bulls as out of 2,992 stocks traded, 1,532 advanced and 1,375 declined. Also, 85 stocks remained unchanged. However, 24 stocks hit a fresh 52-week high compared with 28 stocks hitting a 52-week low. Adding to that, 67 stocks touched the upper circuit and 88 were at the lower circuit.