New Delhi: The domestic benchmark indices Sensex and Nifty both increased by half a percent on Monday, climbing to levels not seen in over a month and finishing up positive for three straight sessions.
The S&P BSE Sensex closed at 60,115 levels, up over 322 points or 0.54% from the previous close, and the CNX Nifty closed at 17,936, up 103 points or 0.58%. On August 18, the 50-stock NSE gauge last closed over the 17,900 level, while the Sensex exceeded 60,000 on a closing basis.
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Nifty gained over 46 points because to the combined efforts of four titans: Reliance Industries, Infosys, Adani Ports, and Bajaj Finance, enabling the index close above the 17,900 level.
Adani Ports, Titan, Tech Mahindra, Divis Labs, and Axis Bank were among the top gainers on the Nifty index today, rising between 2.7% and 3.7%, while Coal India, Shree Cements, Nestle India, HDFC, and HDFC Bank were among the losers, falling between 0.5% and 2.5%.
The Nifty SmallCap100 and Nifty MidCap100 indices ended the day with 1–1.3% profits, compared to the Sensex’s and the Nifty’s 0.5% upward movement, demonstrating that broader markets outperformed front-liners.
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All major gauges registered gains, with Nifty Realty and Media rising by about 2%; during the day, Nifty IT, Consumer Durables, and PSU Banks all gained between 1.2-1.5%.
According to ET Now, Saurabh Mukherjea of Marcellus Investment Managers doesn’t see anything wrong with the IT sector, which has lost about 25% of its value. He continued by saying that stocks like TCS, Infosys, and LTTS are not weak. He stated that everytime a recession occurs, demand for Indian IT services rises, citing the current recession in the US, which saw two-quarters of output decline.
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“We advise traders to continue with their recent ‘Buy on declines’ strategy and use decline towards the support zone of 17675 – 17500 to add fresh longs. Also, the broader end of the spectrum is clearly on a roll and hence, one should keep focusing on potential movers from the cash segment, which are likely to fetch higher returns,” wrote Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel One Ltd, in a morning note.
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