Nifty, Sensex Rebound From One-Day Fall As RIL, Tata Steel Lead Gain: Market Wrap
The NSE Nifty 50 closed 0.15% higher while the S&P BSE Sensex ended 0.14% up.
India's benchmark indices rebounded on Monday from a one-session fall to end the first session of the week higher, tracking gains in Tata Steel Ltd., Reliance Industries Ltd., and Mahindra & Mahindra Ltd.
The NSE Nifty 50 closed 32.35 points, or 0.15%, higher at 22,055.70, and the S&P BSE Sensex ended 104.99 points, or 0.14%, up at 72,748.42.
Intraday, the Nifty fell as much as 0.48% to 21,916.55 and the Sensex declined 0.45% to 72,314.16.
"The morning trade was dominated by the bears and the index almost tested its strong support of 21,900, followed by a swift recovery under the leadership of metal, auto, and select heavyweights, which helped the index reclaim 22,000," said Aditya Gaggar, director of Progressive Share Brokers Pvt.
After the initial fall in the morning trade, the mid and small-cap segments remained rangebound and underperformed the Nifty, Gaggar said. The reading for the index will remain the same—breakout on either side giving a proper direction: higher side of 22,200 and lower side of 21,900, he said.
Reliance Industries Ltd., Tata Steel Ltd., Tata Motors Ltd., Mahindra & Mahindra Ltd. and Axis Bank Ltd. led the gains in the Nifty.
Infosys Ltd., Tata Consultancy Services Ltd., HDFC Bank Ltd., Hindustan Unilever Ltd. and Titan Co. limited the gains in the index.
Eight out of the 12 sectors on the NSE advanced. The Nifty Metal gained over 2%, tracking surge in Tata Steel, and was the top performer among sectoral indices.
The Nifty IT index fell over 1% to become the worst performer.
Broader markets underperformed, with the BSE MidCap ending flat and the SmallCap closing 0.07% lower.
On the BSE, 14 out of 20 sectors advanced, with Metal rising the most.
The market breadth was skewed in favour of the buyers as 2,008 stocks advanced, 1,929 fell and 119 remained unchanged on the BSE.
