ReutersDomestic benchmark indices rose for the 3rd straight session on Monday as gains by heavyweights such as , and banking stocks pushed indices higher.
The 30-share Sensex advanced 322 points to end at 60,115.13. This is the first time the index closed above 60,000 since August 18. Its broader peer, Nifty50, ended at 17,936.35, up 103 points.
was the biggest gainer from the 30-share pack, rising 2.60 per cent to Rs 1,155.85. was up 2.39 per cent, rose 2.08 per cent, and surged 1.84 per cent. Infosys, , and were also among other top gainers.
On the other hand, fell 0.65 per cent to Rs 18,910. declined 0.50 per cent, followed by , down 0.41 per cent, and M&M declined 0.37 per cent.
Vinod Nair, Head of Research at Geojit Financial Services, said that the domestic economy is witnessing strong vigour, and the same is assisting a steady growth in Indian equities.
“A 15.5 per cent YoY increase in bank credits during August suggests the economy is recovering rapidly. Due to rising food prices, domestic inflation figures are predicted to show a gradual rise from 6.7 per cent in July, which could add volatility in the short-term," said Nair.
Meanwhile, the world equity market is ignoring the fact that the Fed will retain its aggressive rate hike strategy given high levels of inflation, assuming that much is factored in, he added.
Sectorally, the Nifty Media index rose 1.98 per cent, while Nifty IT surged 1.42 per cent. Nifty Midcap50 and Smallcap50 rose 0.98 per cent and 1.17 per cent, respectively.
On the global front, all Asian markets closed higher, led by gains in technology and mining, amidst a positive global market sentiment ahead of the crucial inflation data from the US on Tuesday.
European markets were trading higher amidst an improved risk-on sentiment globally, said Mohit Nigam, Head - PMS, Hem Securities.
On the technical front, the key resistance level for Nifty50 is 18,100, and on the downside, 17,700 can act as strong support. Key resistance and support levels for Bank Nifty are 40,900 and 40,000, Nigam added.
Earlier in the day, Asian markets ended higher, China’s Shanghai Composite, South Korea’s Kospi and Japan’s Nikkei advanced 1.16 per cent, 0.82 per cent and 0.33 per cent.
The market capitalisation of all BSE-listed companies increased Rs 2.27 lakh crore to Rs 285.30 lakh crore from Rs 283.03 lakh crore on Thursday, as Sensex climbed over 650 points.
The market breadth was skewed in favour of bulls. About 2,192 stocks advanced, 1,392 declined, and 175 remained unchanged.
The 30-share Sensex advanced 322 points to end at 60,115.13. This is the first time the index closed above 60,000 since August 18. Its broader peer, Nifty50, ended at 17,936.35, up 103 points.
was the biggest gainer from the 30-share pack, rising 2.60 per cent to Rs 1,155.85. was up 2.39 per cent, rose 2.08 per cent, and surged 1.84 per cent. Infosys, , and were also among other top gainers.
On the other hand, fell 0.65 per cent to Rs 18,910. declined 0.50 per cent, followed by , down 0.41 per cent, and M&M declined 0.37 per cent.
Vinod Nair, Head of Research at Geojit Financial Services, said that the domestic economy is witnessing strong vigour, and the same is assisting a steady growth in Indian equities.
“A 15.5 per cent YoY increase in bank credits during August suggests the economy is recovering rapidly. Due to rising food prices, domestic inflation figures are predicted to show a gradual rise from 6.7 per cent in July, which could add volatility in the short-term," said Nair.
Meanwhile, the world equity market is ignoring the fact that the Fed will retain its aggressive rate hike strategy given high levels of inflation, assuming that much is factored in, he added.
Sectorally, the Nifty Media index rose 1.98 per cent, while Nifty IT surged 1.42 per cent. Nifty Midcap50 and Smallcap50 rose 0.98 per cent and 1.17 per cent, respectively.
On the global front, all Asian markets closed higher, led by gains in technology and mining, amidst a positive global market sentiment ahead of the crucial inflation data from the US on Tuesday.
European markets were trading higher amidst an improved risk-on sentiment globally, said Mohit Nigam, Head - PMS, Hem Securities.
On the technical front, the key resistance level for Nifty50 is 18,100, and on the downside, 17,700 can act as strong support. Key resistance and support levels for Bank Nifty are 40,900 and 40,000, Nigam added.
Earlier in the day, Asian markets ended higher, China’s Shanghai Composite, South Korea’s Kospi and Japan’s Nikkei advanced 1.16 per cent, 0.82 per cent and 0.33 per cent.
The market capitalisation of all BSE-listed companies increased Rs 2.27 lakh crore to Rs 285.30 lakh crore from Rs 283.03 lakh crore on Thursday, as Sensex climbed over 650 points.
The market breadth was skewed in favour of bulls. About 2,192 stocks advanced, 1,392 declined, and 175 remained unchanged.
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