The BSE Midcap index rose 0.82 per cent and the Smallcap index rose 0.59 per cent.
Highlight
- Hindustan Unilever, IndusInd Bank, ITC, ICICI Bank, PowerGrid, Axis Bank and SBI were among the gainers
- TCS, Tata Steel, Mahindra & Mahindra, Dr Reddy’s, Tech Mahindra and Wipro closed in losses
- Markets in Tokyo and Shanghai ended in the green, while Seoul and Hong Kong closed lower
Investors gained a foothold in equity indices on Monday after falling for three sessions, led by gains in banking, FMCG and IT stocks amid a positive trend overseas. However, a weak rupee and continued outflow of foreign funds limited the gains.
The 30-share BSE Sensex overcame a choppy start, ending the session higher by 326.84 points, or 0.62 per cent, at 53,234.77. Similarly, the broader NSE Nifty rose 83.30 points or 0.53 per cent to 15,835.35.
Hindustan Unilever topped the chart of Sensex gainers with a jump of 4.03 per cent, followed by IndusInd Bank, ITC, ICICI Bank, PowerGrid, Axis Bank and SBI. In contrast, TCS, Tata Steel, Mahindra & Mahindra, Dr Reddy’s, Tech Mahindra and Wipro closed with losses of up to 2.46 per cent.
The market trend was in favor of the upside with gains in 24 out of 30 counters of the Sensex.
“Bulls rebounded sharply in the late session after firming European market sentiment coupled with a fall in crude prices… cheered investors. Despite recovery, bearish sentiment will remain volatile as FII outflows bounce back.” remains, which is creating panic among investors,” said Shrikant Chauhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Vinod Nair, Head of Research, Geojit Financial Services, said, “As we move towards the new earnings season, the main focus of the market will be on the quarterly numbers and updated guidance for the new financial year.”
In the broader market, the BSE Midcap gauge rose 0.82 per cent and the Smallcap index rose 0.59 per cent. Among BSE sectoral indices, FMCG rose the most at 2.49 per cent, followed by banks (1.08 per cent), capital goods (0.97 per cent), consumer durables (0.82 per cent) and industry (0.74 per cent). Energy, healthcare, IT, auto, metal, oil and gas and tech were among the laggards.
Global markets started the second half of 2022 on a firm footing despite concerns about inflation, economic recovery and rate hikes by central banks. In Asia, markets in Tokyo and Shanghai ended in the green, while Seoul and Hong Kong closed lower. European stocks were trading in positive territory in mid-session deals. US markets remained closed for the holiday.
Meanwhile, international oil benchmark Brent crude fell 0.50 per cent to $111 a barrel. The rupee recovered its opening losses and closed on a flat note at 78.94 (provisional) against the US dollar on Monday. Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 2,324.74 crore on Friday, according to exchange data.
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