The Indian equity benchmarks resumed their upmove after a day's pause on Friday led by gains in Infosys, ICICI Bank, HDFC Bank, Axis Bank, Mahindra & Mahindra and Tech Mahindra. For most part of the day, benchmarks traded in a rangebound manner where in the Sensex moved in the range of 460 points and Nifty 50 index touched high of 16,320.75 and low of 16,179.05.
The Sensex ended 125 points higher at 54,403 and Nifty 50 index rose 20 points to close at 16,258.
"Our research suggests that 16,200 is an important support level for Nifty in the short term and we can expect the volatility in the market to expand and attain new levels of 16,500," Gaurav Garg, Head of Research at CapitalVia Global Research said.
Nine of 15 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Media's index's nearly 1 per cent gain. Nifty Private Bank, Bank, Financial Services, Information Technology and Healthcare indices also ended on a positive note.
On the other hand, Metal, Oil & Gas, Consumer Durables and Real Estate indices closed with a negative bias.
Mid- and small-cap shares underperformed their larger peers as Nifty Midcap 100 index declined 0.75 per cent and Nifty Smallcap 100 index fell 0.93 per cent.
Rolex Rings shares made a stellar stock market debut on Monday. Rolex Rings shares opened for trading at Rs 1,250, up 39 per cent from issue price of Rs 900 per share. The stock rose as much as 40 per cent to hit an intraday high of Rs 1,263 per share.
Shares of Indian Railway Catering and Tourism Corporation (IRCTC) rose as much as 4 per cent to hit record high of Rs 2,586.95 on the BSE a day after the Maharashtra Chief Minister Uddhav Thackeray announced that the local trains in Mumbai will be open from August 15 to fully vaccinated people 14 days after their second jab.
Mahindra & Mahindra was top Nifty gainer, the stock rose 2.23 per cent to Rs 775 after its sales of commercial vehicles rose 35 per cent to 17,666 units.
Tech Mahindra, Axis Bank, Bajaj Finserv, IndusInd Bank, Cipla, Nestle India, Dr Reddy's Labs, Infosys, Britannia Industries and Asia Paints were also among the gainers.
On the flipside, Tata Consumer Products, Coals India, Adani Ports, Bharti Airtel, SBI Life, JSW Steel, Hindalco, Tata Steel, ONGC and Indian Oil were among the losers.
The overall market breadth was negative as 2,039 shares ended lower while 1,290 closed higher on the BSE.
