Stock Market on Monday: Indian market on Friday slipped from opening highs to close flat with a positive bias. The BSE Sensex rose 105 points to 59,793 and the Nifty50 by 35 points to 17,833 levels. While Nifty Bank ended at a 10-month high and gained 207 points to 40,415, similarly, Nifty Midcap Index up by 113 points to 32,036.
The market analyst and TradeSwift Director Sandeep Jain said, “Broader markets, especially small-cap, are expected to show a surge, however, benchmark index Nifty50 is likely to be in range-bound.” As per Jain, sectoral churning along with stocks, stock-specific actions to aid the overall market on Monday and ahead.
The domestic markets ended marginally higher in a volatile session, in extension to the recent up move as firm global cues triggered an upbeat start in Nifty however profit taking at the higher levels capped the upside, Ajit Mishra, VP – Research, Religare Broking said in his comment.
Mishra maintained a bullish view on markets and suggest continuing with the “buy on dips” approach. He added that the recent rebound in the US markets is further adding to the comfort the domestic markets on Monday and ahead.
“As we’re seeing buying interest across the board, the focus should be more on the best-performing sectors viz. banking, financials, auto and FMCG, and remain selective in the others,” the analyst said.
Meanwhile, sectoral indices traded mixed wherein rebound in IT and buying in banking and auto kept the tone positive. Cement, Banks, PSU banks outperformed the market on Friday.
Both the benchmark indices BSE Sensex and Nifty50 snapped 2-week losing streak, both indices up 2 per cent each this week. While Midcap Index gains for 12th straight week and Nifty Bank raises for three consecutive weeks – both indices up over 2 per cent each this week.
Shree Cement, Tech Mahindra, Adani Ports, and BPCL were top Nifty gainers and Bajaj Auto, Tata Motors, Nestle India, and Tata Consumer Products were top Nifty losers this week.