Nifty, Sensex End At Record Closing Levels As Auto, Realty Stocks Lead: Market Wrap
Both the Nifty and Sensex ended over 0.6% higher on Monday.
The benchmark indices kicked off the week by surging to a fresh record closing level on Monday, led by gains in automobile stocks. The market cap of BSE-listed firms crossed the Rs 400 lakh crore mark and the Bank Nifty also recorded the highest closing level of 48,581.7.
The NSE Nifty 50 ended 147.25 points, or 0.65%, higher at 22,660.95, and the S&P BSE Sensex rose 494.28 points, or 0.67%, to close at 74,742.5.
Intraday, the Nifty hit an all-time high of 22,697.30, and the Sensex touched a new life-high of 74,869.30.
The stock exchanges in the late afternoon witnessed a sharp fall that can potentially be attributed to a fire sale by a large institutional investor. Around 1:40 p.m. multiple stocks across sectors saw a sudden decline which recovered shortly.
Buoyancy in sentiment continued, led by sectoral tailwinds and Q4 earnings growth expectations, according to Vinod Nair, head of research at Geojit Financial Services Ltd.
Most stocks in the Asia-Pacific region closed higher on Monday, following positive global cues. The S&P ASX 200 ended 0.20% higher at 7,789.08, and the NIKKEI closed 0.91% higher at 39,347.04.
Brent crude was trading 1.04% lower at $90.22 a barrel. Gold was up 0.32% at $2,337.18 per ounce.
"The up-move was largely broad-based, with outperformance by auto, realty, oil and gas, and consumer discretionary, while IT was tepid owing to insipid Q4 growth expectations due to a slowdown in spending," Nair said.
On the global front, after the release of robust US jobs data, investors are awaiting the release of US CPI data, ECB policy, and UK GDP data this week, he said.
Shares of Larsen and Toubro Ltd., Mahindra and Mahindra Ltd., Maruti Suzuki India Ltd., NTPC Ltd. and Reliance Industries Ltd. positively contributed to changes in the Nifty.
Adani Ports and Special Economic Zone Ltd., HDFC Bank Ltd., Infosys Ltd., Nestle India Ltd., and Tata Consultancy Services Ltd. weighed the index.
On NSE, Nifty Auto and Nifty Oil and Gas advanced the most, while Nifty PSU Banks and Media declined.
The benchmark indices outperformed the broader markets as the BSE MidCap rose 0.26%, while BSE SmallCap fell 0.06%.
Three of the 20 sectors compiled by BSE Ltd. declined, while 17 advanced.
Market breadth was skewed in the favour of sellers. On BSE 2,023 stocks declined, 1,903 stocks advanced, and 127 remained unchanged.
