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The Indian market ended higher on Monday ahead of stock market (NSE, BSE) holiday on Tuesday. The equity Segment, equity derivative segment and SLB segment will see no trading action on Tuesday on account of Muharram holiday on August 9.
Earlier, the Nifty50 gained around 0.70% to end near 17,500, while the Sensex rose around 450 points to close near 58,850.
“The Nifty has moved above its recent consolidation as the bullish momentum continues. The index has closed above the previous congestion levels on the daily chart, which suggests rising strength. The trend is likely to remain bullish over the short term as long as it remains above the 200DMA, which is placed at 17000. On the higher end, the index may move towards 17750-17800,” said Rupak De, Senior Technical Analyst at LKP Securities.
Underperforming the benchmark indices, the Nifty Midcap and Smallcap ended higher by more than 0.30% each.
Sectorally, except for Nifty PSU Bank and IT, all other indices closed in the green amid improved sentiment. Auto, Metal and Banking stocks rose the most on Monday.
Explaining the recovery after weak opening, Vinod Nair, Head of Research at Geojit Financial Services, said sustained FII buying and falling oil prices were the major drivers for the ongoing market rally.
Heavyweights played a significant role in today’s rise, while PSU banks remained under pressure following weak results of the PSB major, said the expert.
“Western markets continued to gain after strong US job numbers allayed worries of a recession. The week ahead is busy in terms of economic data with the domestic investors gearing up for the release of the inflation numbers along with the manufacturing production data to gauge the strength of the economy,” added Nair.
Earlier, Mahindra & Mahindra jumped around three and half per cent to become leading gainer on the benchmarks. Coal India, Bajaj Finserv, NTPC, Hindalco, Axis Bank, HDFC twins, L&T and IndusInd were other notable gainers.
BPCL, State Bank of India, Britannia, UltraTech Cements and Nestle India were top losers on barometer indices in an otherwise positive market
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