Nifty, Sensex Record Best Session In A Month; ICICI Bank, M&M Lead: Market Wrap
All 12 sectors ended higher on the NSE, with the Nifty PSU Bank being the top performing sector.
(NSE headquarters in Mumbai. Photo: Vijay Sartape/NDTV Profit)
The NSE Nifty 50 and the BSE Sensex snapped a five–session losing streak on Monday as the share price of ICICI Bank Ltd. and Mahindra & Mahindra Ltd. led the gains. The benchmark indices recorded the best session in one month.
The Nifty 50 ended 158.35 points or 0.65% higher at 24,339.15, and the Sensex closed 602.75 points or 0.76% up at 80,005.04.
During the session, the Nifty 50 rose as much as 1.29% to 24,492.60, and the Sensex rose 1.43% to 80,539.81.
A rise in the Indian benchmarks' Asian peers also supported the recovery. Asian share indices mostly gained on Monday as oil prices declined, and the Japanese yen fell to the lowest level since July 31.
The Sensex was trading 0.76% higher at 80,005.04.
The Nifty 50 ended 0.77% higher at 24,367.35.
The Nifty has made a spinning-top candlestick pattern, which suggests indecisiveness, according to Aditya Gaggar, director of Progressive Share Brokers. "We will wait for a convincing move above 24,600 where it will give a breakout from two different patterns: a change in polarity, falling wedge. Whereas, on the lower side, the zone of 24,100–24,180 will act as a strong support area."
The Nifty Bank closed 1.10% higher at 51,345.60.
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ICICI Bank, M&M, State Bank of India, Shriram Finance Ltd. and Sun Pharmaceutical Industries contributed the most to the gains in the Nifty 50.
HDFC Bank Ltd., Axis Bank Ltd., Coal India Ltd., Bajaj Auto Ltd. and Kotak Mahindra Bank Ltd. weighed on the index the most.
Top contributors to the NSE Nifty 50 index.
All 12 sectors ended higher on the NSE, with the Nifty PSU Bank being the top performing sector.
Sectoral indices ended higher on NSE
The broader indices also rose as the BSE MidCap closed 0.69% higher and the SmallCap ended 1.1% up.
Three out of the 20 sectoral indices on the BSE closed lower and 17 rose. Services fell the most and Commodities was the top gainer.
The market breadth was skewed in favour of the buyers as 2,593 stocks rose, 1,401 fell and 159 remained unchanged on the BSE.
