Indices end higher for third straight session; Sensex closes above 60,000
Mumbai : The benchmark indices ended sharply up on Monday with Sensex rising more than 300 points and Nifty increasing by over 100 points following firm global cues.At close, Sensex ended up 321.99 points or 0.54 per cent at 60,115.13, while Nifty closed up 103.00 points or 0.58 per cent at 17,936.35.
About 2,189 shares advanced, 1,394 shares declined and 176 shares remained unchanged on Monday.Titan, Axis Bank, Tech Mahindra, Tata Steel and Infosys were the major gainers on the Sensex. BSE largecap was up 0.64 per cent, while smallcap and midcap closed 1 per cent and 0.89 per cent up.
“Firm global market cues triggered an upsurge in local benchmark indices as Sensex closed above the crucial 60,000-mark on buying in IT and realty stocks. In recent sessions, falling global crude oil prices and sliding US dollar index have encouraged domestic investors to increase their equity exposure,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
Among sectors, realty, consumer durables and IT indices rose the most. The broader markets outperformed the Nifty as the midcap index was up 0.89 per cent and the smallcap index was up 1 per cent. Advance decline ratio was positive at 1.64:1.
Meanwhile, Asian and European markets rallied on Monday, building on the momentum of gains in the United States at the end of last week, as investors price in the expectation of further interest rate hikes aimed at taming inflation.
European shares opened higher on Monday as banks advanced for a third straight session on bets of more big interest rate hikes by the European Central Bank (ECB).”The recent rebound in the global markets, especially in the US, is adding to the market strength and we reiterate our immediate target of 18,100+ in Nifty.
Apart from the heavyweights, participants should also look at broader indices for trading opportunities,” said Ajit Mishra, VP – Research, Religare Broking Ltd.