In Short
Benchmark indices end higher after 2-day losing streak
IT, metal, and auto stocks drive positive sentiments
Nifty Metal and Nifty IT top gainers among sectors
Benchmark stock market indices ended significantly higher at the end of Monday’s trading session, breaking a 2-day losing streak.
While the S&P BSE Sensex and NSE Nifty 50 opened flat, a rally in information technology, metal and auto stocks boosted sentiments on Dalal Street.
At 3:30 pm, the Sensex was up 347.95 points to 66,508, while the NSE Nifty 50 gained 107.75 points to settle at 19,753.80. Broader market indices also ended the session on a positive note, taking a sharp turn from this morning’s weak outlook.
Nifty Metal was the top gainer among sectoral indices, followed by Nifty IT, Nifty Auto and Nifty Oil & Gas. Nifty Bank and Nifty Financial Services also gained and ended in positive territory at the end of the session.
NTPC, Power Grid, ONGC, Adani Ports and Tech Mahindra were the top gainers on the Nifty 50, while Apollo Hospitals, Britannia, HDFC Life, Bajaj Finance and Kotak Mahindra Bank were the biggest drags.
"Following today's flat to positive opening, the Nifty was positive throughout the day after making a low of 19,600 for the day, concluding a positive close for the day. For investors, the market is 'buy on dips' with a strict stop loss of 19,500, and if the Nifty closes below the indicated level, we can expect more profit booking," said Deven Mehata, research analyst at Choice.
"Volume profile indicates Index has a strong support around 19,500-19,550 zone. Coming to the OI Data, on the call side, the highest OI observed at 19,800 followed by 20,000 strike prices while on the put side, the highest OI is at 19,600 strike price. On the other hand, Bank nifty has support at 45,360-45,500 while resistance is placed at 45,800-46,000 level," he added.