Closing Bell: Nifty near 16,800, Sensex gains nearly 400 points in volatile market; metal top gainer

After opening in the red, the Indian markets bounced back amid volatility to end higher on Monday. Benchmarks Nifty50 and the Sensex gained nearly 1 per cent minutes before closing as the former breached 17,800-mark briefly, while the Sensex went past 56,300.  

The Nifty50 gained 0.81% to close at 16,793.90, while the Sensex gained 389 points to end at 56,247 as the domestic equity markets extended the gains for the second consecutive day 

In the broader market, mid cap and small cap indices too gained around 1 per cent. Sector-wise, metal was the top gainers with more than 4.5% appreciation, followed by oil & gas, consumer durables and IT as the 12-share Nifty Bank settled with more than 200 points cut to around 36,200. 

Hindalco, Tata Steel, JSW Steel, BPCL, Power Grid, Titan, Reliance Industries, Titan, NTPC, L&T, ICICI Bank, Sun Pharma, Bajaj FinServ and Asian Paints gained the most.  

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HDFC Life, Dr Reddy's, Axis Bank, Mahindra & Mahindra, HDFC Bank, HDFC Ltd, Kotak Bank, IndusInd Bank, Maruti, HCL Tech and Bharti Airtel were the top losers.   

Vijay Dhanotiya, Lead of Technical Research at CapitalVia Global Research Limited, said the market witnessed a strong pullback rally after a big correction. "While sustaining above 16,600 is the key factor from a short-term perspective, our research suggests, a decisive breakout above the zone of 16,800 could open the gate for a movement till 17,200. Technical Indicators suggest a volatile movement in the market," said Dhanotiya.  

(Disclaimer: The views/suggestions/advice expressed here in this article are solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)