Closing Bell: Indian frontline indices S&P BSE Sensex and NSE Nifty50 ended Monday on a positive note. While the Sensex ended at 60,941.67, up by 319 points or 0.53 per cent while the broader market Nifty50 advanced by 90.90 points or 0.50 per cent at 18,118.55. The banking gauge Nifty Bank settled at 42,821.25, up by 314.45 or 0.74 per cent.    

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In the 50-stock Nifty50, 32 advanced while 18 declined. The top gainers were Sun Pharmaceuticals, Hindustan Unilever, Eicher Motors, UPL and Tech Mahindra while top losers were Ultratech Cement Company, Grasim Industries, NTPC, Tata Steel and JSW Steel.

Source: NSE

Source: NSE

India VIX, a measure of volatility in Nifty50 ended was down 1.23 per cent at 13.62.

Out of 15 Nifty sectoral indices, 13 ended with gains. The top performing indices were Nifty IT (+1.88 per cent), Nifty Pharma (+0.89 per cent) and Nifty Healthcare Index (+0.99 per cent) while worst performers were Nifty Realty (-0.63 per cent) and Nifty Metals (-0.40 per cent).

The broader market action was mixed with stock specific action seen in the Nifty Mid Cap 100 and Nifty Small Cap 100 indices. Nifty Mid Cap 100 advanced 0.56 per cent to 31,273.80. In the 100-share index, 61 stocks gained with top gainers being Torrent Power, Coforge and Delhivery while the top losers being Yes Bank, JSW Energy and Dalmia Bharat. As for Nifty Small Cap 100, advances were seen in 48 stocks, declines in 51 while 1 remained unchanged. 

In the currency markets,  rupee fell 21 paise to close as 81.38 (provisional) against the US dollar on Monday amid rise in crude prices, PTI reported. At the interbank foreign exchange market, the rupee opened stronger at 80.92 to a dollar against the previous close of 81.17. The local unit moved in a range of 81.47 to 80.93 during the day. However, the declines were capped as domestic equity markets traded positive and relative weakness in the Dollar Index. On Friday, the rupee had appreciated by 19 paise to close at 81.17 against the US dollar. The US dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.35 per cent to 101.66 amid concerns over US economic growth.

The Brent crude rose 0.26 per cent to USD 87.86 per barrel.

Expert Take

"Markets maintained the upward momentum through the trading session on positive cues from Asian and European indices. IT stocks emerged as the star performers after getting hammered in recent sessions on worries global IT spending may moderate this year due to likely slowdown in key economies. If the optimism continues, we may see some pre-budget rally in the truncated week," Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities Ltd.

"On the technical front, despite the strong momentum it has failed to clear 18180/61200 resistance mark. Currently, the index is trading above 20 day SMA and also holding higher bottom formation on intraday  charts which is largely positive. For the traders now, 18000/60500 would be the trend decider level above which, the index could move up to 18200-18250/61200-61500. On the flip side, below 18000/60500 selling pressure is likely to increase. Below the same, the index could slip till 17950-17900/60200-60000," he said. 

The Nifty traded in a range bound manner today though the the overall structure shows that the index is preparing to start the next leg on the upside, Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas said.

"On the daily chart, it has started forming higher top higher bottom & once the swing high of 18184 is crossed then one can initiate a fresh long position. The daily upper Bollinger Band is set for an expansion, which will create room for the price action on the higher side. In the short term, the Nifty is expected to surpass the key hurdle zone of 18260-18300 & head towards 18500. On the other hand, the level of 18000 will provide cushion on the downside," he further said.  

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