The 30-share BSE benchmark Sensex surged 145 points or 0.18% to settle at 80,665. The broader NSE Nifty gained 84 points or 0.35% to end at 24,587.
From the Sensex pack, SBI, NTPC, and UltraTech Cement were the top gainers, rising 2-2.5%. M&M, Bajaj Finance, Tata Motors, and Maruti Suzuki also closed with gains, while Asian Paints, Tata Steel, Axis Bank, JSW Steel, and Tech Mahindra ended with losses.
Most IT stocks ended the day in negative territory after rising up to 4.5% in early trade. Tech Mahindra, TCS, and Infosys closed up to 0.4% lower, while HCL Tech was the only Sensex IT stock to close 0.56% higher.
On the sectoral front, all indices closed higher except for Nifty IT. Meanwhile, Nifty PSU rose over 3%, while Nifty Auto, Media, Pharma, Realty, Healthcare, and Oil & Gas closed 1-2% higher.Among individual stocks, IREDA closed 2% higher after reporting a net profit of Rs 384 crore for the quarter ended June 2024, marking a 30% year-on-year increase.Meanwhile, the market capitalisation of all listed companies on BSE increased by Rs 2.7 lakh crore to Rs 455.08 lakh crore. The market breadth was skewed in the favour of the bulls. About 2,038 stocks gained, 2,003 declined, and 127 remained unchanged on the BSE.
Experts View
“The Indian market continues to experience optimism driven by positive expectations from the upcoming Union Budget, robust FII inflows, and better-than-expected results from the IT sector. Additionally, the initial results from PSU banks have triggered a strong rally in the PSU index. However, the degree of optimism in the broad market is moderating as we are heading towards the budget D-day next week,” said Vinod Nair, Head of Research, Geojit Financial Services.
Deepak Jasani, Head of Retail Research at HDFC Securities, said, “Nifty formed a Doji after a rise suggesting caution at higher levels. In the recent past, such formations did not result in continuous declines. Nifty could stay in the 24,494-24,635 band for the near term.”
Global Markets
European stocks opened lower, after weak economic data from China helped set a cautious tone. S&P 500 futures and Nasdaq futures were both marginally higher. Japan’s Nikkei was shut, but futures were trading at 41,285 compared to a cash close of 41,190.
Crude Oil
Oil held its ground on Monday as downward pressure from a stronger U.S. dollar and concern about demand in top importer China offset support from strong demand elsewhere and OPEC+ supply restraint.
Brent crude futures were up 8 cents, or 0.1%, at $85.11 a barrel. U.S. West Texas Intermediate crude gained 19 cents, or 0.2%, to $82.40.
Rupee Ends Lower
The Indian rupee ended lower on Monday, pressured by a decline in the Chinese yuan and tracking losses in Asian peers amid rising odds of Donald Trump’s re-election as U.S. president.
The rupee closed at 83.5925 against the U.S. dollar, lower than its close at 83.5350 in the previous session.
The dollar index was down 0.2% at 104 while the Korean won fell 0.5%, leading losses among major Asian currencies.
(With inputs from agencies)
