Closing Bell: Markets extend gain for 3rd day in row; Sensex up over 100 points, Nifty50 near 17400

Closing Bell: The Indian equity market extended its gaining momentum for a third straight session on the first trading session of the new financial year 2023-24 (FY24). The markets ended in the green mainly tracking the strong global cues and buying in Auto, Banking, and Financial Services.

At the market close, the BSE Sensex closed over 114 points or 0.19 per cent higher to 59,106.44; while Nifty50 settled at 17,398.05 level, up 38.30 points or 0.22 per cent on Monday.

Similarly, the broader markets concluded today’s session in the green, outperforming the benchmarks as both Nifty Mid and Smallcap indices grew between 0.4-0.8 per cent on the NSE.

Nifty Bank – a 12-share banking index – surged over 0.5 per cent to 40,813 levels at the market close today, aided by heavyweights such as IndusInd Bank and ICICI Bank.

Of 50 stocks on the Nifty index, 32 advanced, and 17 declined while index heavyweight Reliance Industries remained unchanged at the market close today. Auto stocks such as Hero Moto Corp, Bajaj Auto, Maruti Suzuki along with Coal India and Divis Laboratories were among the top gainers.

On the contrary, BPCL – an oil marketing company – slipped the most by over 4 per cent on the higher crude oil prices, followed by Adani Enterprises, Apollo Hospitals, Infosys, and ITC were among the top losers on Monday at the market close.

Barring FMCG, IT, Metal, and Oil & Gas, all other sectoral indices on the NSE ended in the green. Nifty Auto jumped most by 1.5 per cent, followed by Nifty Bank, Financial Services, and Pharma. 

Oil prices soared nearly 6 per cent on Monday after Saudi Arabia and other major oil producers said they will cut production by 1.15 million barrels per day from May until the end of the year. 

European shares opened higher. Germany's DAX added 0.2 per cent to 15,665.63 and the CAC40 in Paris climbed 0.5 per cent to 7,356.77. Britain's FTSE 100 surged 0.8 per cent to 7,694.79.

In Asian trading, Tokyo's Nikkei 225 index gained 0.5 per cent to 28,188.15; Hong Kong's Hang Seng edged 9 points higher to 20,409.18, while the Shanghai Composite index rose 0.7 per cent to 3,296.40. In South Korea, the Kospi fell 0.2 per cent to 2,472.34.

"Upbeat global cues combined with bargain hunting in index majors are helping the index to inch higher. We expect the prevailing tone to continue however caution ahead of the MPC meet may result in some consolidation. Meanwhile, stay stock specific and maintain 'buy on dips',"Ajit Mishra, VP - Technical Research, Religare Broking said in his comment.

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