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The 30-share pack Sensex settled 180.22 points or 0.34 per cent higher to close at 52,973.84. Its broader peer NSE Nifty advanced 60.15 points or 0.38 per cent to close above the 15,800 mark
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After tracking strong rally in US and Asian stocks on Friday, Indian equity benchmark indices ended their six day losing run on Monday and settled in green. Buying the dip in some big index stocks also aided the turnaround for the indices. However, most of the early morning gains were given up in intraday trade.
The 30-share pack Sensex settled 180.22 points or 0.34 per cent higher to close at 52,973.84. Its broader peer NSE Nifty advanced 60.15 points or 0.38 per cent to close above the 15,800 mark.
"The recent spate of negative news have prompted investors to cut equity exposure. At one point, benchmark indices were going great guns, but profit taking once again saw the markets pare most of their early gains to end marginally higher. There are concerns that rising interest rates to quell higher inflation could hurt growth and may result in further correction," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
After Adani group's announcement of acquiring Holcim India assets - ACC and Ambuja Cements, these stocks stood out in Monday's trade. ACC ended 3.92 per cent higher, Ambuja Cements rose 2.48 per cent and Adani Enterprises also gained 2.52 per cent.
On the Sensex, NTPC, Bajaj Finance, State Bank of India, Maruti Suzuki India, HDFC, Kotak Mahindra Bank, Indusind Bank were among top gainers. While Ultratech Cement, Asian Paints, ITC, Tech Mahindra, TCS, Dr Reddy's Laboratories and Nestle India were among top drags on the 30-share index.
Buying in power, banking and auto also lifted benchmark indices.
Bharti Airtel also ended 0.26 per cent higher. The telecom giant is expected to release its results for the Q4FY22 later in the week.
Investors will also keep track of RBI's minutes at the off-cycle meeting held in the first week of May. These will be released on Wednesday.
Overall, the market breadth was skewed in the favour of bulls on Monday. About 2,232 stocks advanced, 1,165 declined and 180 remained unchanged.
"The Nifty moved within a range of 15765-15950 and the texture of the chart suggests a strong possibility of the continuation of a range bound activity in the near future. For the bulls, 15950/53300 would be the immediate resistance level and above the same, we could see a sharp intraday pullback rally till 16000-16100. On the other hand, 15750 could be the immediate support level, and below the same chances of hitting 15700-15600 would turn bright," added Chouhan.