Sensex, Nifty log 1st gain in 4 sessions; auto shines
Market benchmarks Sensex and Nifty broke their three-session losing streak on Monday as gains in power, auto and FMCG stocks offset weakness in banking counters
Mumbai: Market benchmarks Sensex and Nifty broke their three-session losing streak on Monday as gains in power, auto and FMCG stocks offset weakness in banking counters.
After opening 185 points higher, the BSE Sensex was gripped by early volatility and swung about 386 points during the session. The 30-share index finally settled 173.44 points or 0.46 per cent higher at 38,050.78. Likewise, the NSE Nifty ended 68.70 points or 0.61 per cent up at 11,247.10. On the Sensex chart, NTPC, Bajaj Auto, Tech Mahindra, ONGC and Maruti were among the major gainers, climbing up to 7.92 per cent.
On the other hand, SBI, Bharti Airtel, Reliance Industries, Sun Pharma and ICICI Bank and HDFC Bank ended with losses of up to 1.73 per cent. Sectorally, BSE power, metal, utilities and auto indices rose as much as 2.96 per cent.
Bourses in Asia, barring Japan, closed significantly higher after China's central bank infused cash into the financial system. Japan's Nikkei slumped after the country's GDP shrank 7.8 per cent in the April-June period compared with the previous quarter.
"Indian indices overcame an uncertain start and traded in a range, before ending the day with gains. Global cues were also mixed due to the delay in the approval of the US stimulus package and mixed economic data coming in from around the world," said Vinod Nair, Head of Research, Geojit Financial Service. The markets are trading uncertain and investors are advised to remain cautious. The valuations in the market are a concern, and there could be profit booking in the near term, he added.