A strong opening on European bourses, particularly Spain, helped Indian stocks maintain early gains Monday. The BSE Sensex traded nearly 150 points higher, while the Nifty index managed to stay above the 5,100 mark post noon.
Indian markets saw their best weekly gains last week and the Nifty index is now trading above the 200 day moving average, considered to be a strong support. Analysts have turned cautiously optimistic on equities after the sharp and big rise.
"The rally over the last 5 days was largely due to short covering and assuming FIIs are not selling actively on the ETF side, markets could be in a range to 5,200 levels," Deven Choksey, MD of K R Choksey Securities told NDTV Profit.
Gains in global markets and a higher rupee helped the sentiments today. Markets in Asia closed higher. Spain's IBEX index soared over 5% after Eurozone finance ministers offered up to $125 billion in credit to the Spanish government for its ailing banks.
The rupee gave up some gain, but still traded in the green at 55.29 against the dollar at 12.40 p.m. The Sensex was up 144 points at 16,863, while the Nifty traded 45 points higher at 5,113.
Commodity stocks like Sterlite (4.4%) extended gains. Infra stocks - Jaiprakash Associates (3.7%) and Reliance Infra (3.6%) were among the top gainers.
Rate sensitive stocks like banks (1.3%), realty (2.1%) and auto (1%) have been rising on hopes of a rate cut by the central bank.
Four financial stocks - ICICI, HDFC, HDFC Bank and SBI - contributed over 50 index points to the Sensex.
"A rate cut is very much expected... if a repo rate and CRR cut comes in, there could be more upsides in the short term for most of the rate sensitive stocks," Avinnash Gorakssakar of moneyinvestments.in told NDTV Profit,
Healthcare stocks like Cipla (-1.4%), Sun Pharma (-0.64%), and Dr Reddy's saw profit booking as risk appetite for high beta stocks increased. On the Nifty index, only 4 stocks traded lower.
HCL Tech (-1.6%) was the top loser. The company's vice chairman and CEO Vineet Nayar sold 27 lakh shares Friday. Nayar does not hold any stake in the company now.
The market breadth was strong with over 83% stocks trading higher on the BSE 500 index.
A strong opening on European bourses, particularly Spain, helped Indian stocks maintain early gains Monday. The BSE Sensex traded nearly 150 points higher, while the Nifty index managed to stay above the 5,100 mark post noon.
Indian markets saw their best weekly gains last week and the Nifty index is now trading above the 200 day moving average, considered to be a strong support. Analysts have turned cautiously optimistic on equities after the sharp and big rise.
"The rally over the last 5 days was largely due to short covering and assuming FIIs are not selling actively on the ETF side, markets could be in a range to 5,200 levels," Deven Choksey, MD of K R Choksey Securities told NDTV Profit.
Gains in global markets and a higher rupee helped the sentiments today. Markets in Asia closed higher. Spain's IBEX index soared over 5% after Eurozone finance ministers offered up to $125 billion in credit to the Spanish government for its ailing banks.
The rupee gave up some gain, but still traded in the green at 55.29 against the dollar at 12.40 p.m. The Sensex was up 144 points at 16,863, while the Nifty traded 45 points higher at 5,113.
Commodity stocks like Sterlite (4.4%) extended gains. Infra stocks - Jaiprakash Associates (3.7%) and Reliance Infra (3.6%) were among the top gainers.
Rate sensitive stocks like banks (1.3%), realty (2.1%) and auto (1%) have been rising on hopes of a rate cut by the central bank.
Four financial stocks - ICICI, HDFC, HDFC Bank and SBI - contributed over 50 index points to the Sensex.
"A rate cut is very much expected... if a repo rate and CRR cut comes in, there could be more upsides in the short term for most of the rate sensitive stocks," Avinnash Gorakssakar of moneyinvestments.in told NDTV Profit,
Healthcare stocks like Cipla (-1.4%), Sun Pharma (-0.64%), and Dr Reddy's saw profit booking as risk appetite for high beta stocks increased. On the Nifty index, only 4 stocks traded lower.
HCL Tech (-1.6%) was the top loser. The company's vice chairman and CEO Vineet Nayar sold 27 lakh shares Friday. Nayar does not hold any stake in the company now.
The market breadth was strong with over 83% stocks trading higher on the BSE 500 index.
A strong opening on European bourses, particularly Spain, helped Indian stocks maintain early gains Monday. The BSE Sensex traded nearly 150 points higher, while the Nifty index managed to stay above the 5,100 mark post noon.
Indian markets saw their best weekly gains last week and the Nifty index is now trading above the 200 day moving average, considered to be a strong support. Analysts have turned cautiously optimistic on equities after the sharp and big rise.
"The rally over the last 5 days was largely due to short covering and assuming FIIs are not selling actively on the ETF side, markets could be in a range to 5,200 levels," Deven Choksey, MD of K R Choksey Securities told NDTV Profit.
Gains in global markets and a higher rupee helped the sentiments today. Markets in Asia closed higher. Spain's IBEX index soared over 5% after Eurozone finance ministers offered up to $125 billion in credit to the Spanish government for its ailing banks.
The rupee gave up some gain, but still traded in the green at 55.29 against the dollar at 12.40 p.m. The Sensex was up 144 points at 16,863, while the Nifty traded 45 points higher at 5,113.
Commodity stocks like Sterlite (4.4%) extended gains. Infra stocks - Jaiprakash Associates (3.7%) and Reliance Infra (3.6%) were among the top gainers.
Rate sensitive stocks like banks (1.3%), realty (2.1%) and auto (1%) have been rising on hopes of a rate cut by the central bank.
Four financial stocks - ICICI, HDFC, HDFC Bank and SBI - contributed over 50 index points to the Sensex.
"A rate cut is very much expected... if a repo rate and CRR cut comes in, there could be more upsides in the short term for most of the rate sensitive stocks," Avinnash Gorakssakar of moneyinvestments.in told NDTV Profit,
Healthcare stocks like Cipla (-1.4%), Sun Pharma (-0.64%), and Dr Reddy's saw profit booking as risk appetite for high beta stocks increased. On the Nifty index, only 4 stocks traded lower.
HCL Tech (-1.6%) was the top loser. The company's vice chairman and CEO Vineet Nayar sold 27 lakh shares Friday. Nayar does not hold any stake in the company now.
The market breadth was strong with over 83% stocks trading higher on the BSE 500 index.
Sign Up with Google
RECOMMENDED FOR YOU
POPULAR