Equity indices close higher; Sensex ends around 600 pts higher, Nifty settles at 25,128
At the close, Sensex rose nearly 600 points, while Nifty ended above 25,100 levels amid gains in heavyweight stocks.
Indian equities in Monday's session boosted by gains in heavyweight stocks including the likes of Wipro, HDFC Bank, HDFC Life and L&T among others ended higher. At the close, Nifty ended above 25,100 at 25,128, up 0.66 per cent or 164 points, while the Sensex settled 0.75 per cent or 592 pts higher at 81,973.05.
Nifty Bank gained sharply by over 1 per cent led by gains in the counters including HDFC Bank, ICICI Bank among others.
Vinod Nair, Head of Research, Geojit Financial Services on the markets performance said, "Global markets are showing mixed signals as China’s disinflation and weaker economic data suggest a potential further slowdown in global economic growth, already affected by rising geopolitical tensions. Furthermore, the positive impact of the Chinese stimulus package seems to be diminishing. Meanwhile, the Indian market is demonstrating resilience, with subdued Q2 earnings expectations seemingly priced in and oil prices declining."
The IT and financial sectors are attracting buying interest after recent corrections."
Sectorally, metal and media pack slipped in the red, even as global metal prices have been soaring. The decline largely comes in the metal pack amid profit booking.
Meanwhile, Realty and IT stocks led the gains, with gains of up to 1.6 per cent. Within the IT pack, barring Phoenix Mills and Brigade Enterprises all other stocks ended in the green with gains of up to 5 per cent.
Oil marketing companies traded higher as HSBC remained bullish on the pack amid volatility in oil prices in the wake of geopolitical tensions.
L&T shares also rose as the global brokerage gave its overweight rating on the stock and sees significant potential upsise.
Meanwhile, European markets remained mixed, with German DAX trading in the green, while French CAC was in the red. Also, ahead of the data-packed week, London shares largely remained steady.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities said, "The rupee traded weak by 0.03rs at 84.05 as the dollar index trended higher, reaching 102.80$ from 101.50$."
The rupee's weakness is primarily driven by FII selling, as investors pull out funds to sit on cash, awaiting clarity from the upcoming US elections. High valuations in Indian markets have led to consistent selling over the past couple of weeks, adding pressure to the rupee. The expected range for the rupee is between 83.90-84.25, added Trivedi.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Fundamental picks by brokerage: These 3 largecap, 2 midcap stocks can give up to 28% return - Check targets
SBI Senior Citizen Latest FD Rates: What senior citizens can get on Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh investments in Amrit Vrishti, 1-, 3-, and 5-year fixed deposits
Tamil Nadu Weather Alert: Chennai may receive heavy rains; IMD issues yellow & orange alerts in these districts
SIP+SWP: Rs 10,000 monthly SIP for 20 years, Rs 25 lakh lump sum investment, then Rs 2.15 lakh monthly income for 25 years; see expert calculations
Top 7 Mutual Funds With Highest Returns in 10 Years: Rs 10 lakh investment in No 1 scheme has turned into Rs 79,46,160 in 10 years
SIP vs PPF: How much corpus you can build in 15 years by investing Rs 1.5 lakh per year? Understand through calculations
Retirement Planning: Investment Rs 20 lakh, retirement corpus goal Rs 3.40 crore; know how you can achieve it
04:03 PM IST