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Sensex, Nifty ends at 1-month high; four heavyweights propel Nifty beyond 17,900

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 […]

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.

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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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Written By

Vikas Kumar

Updated By

Manish Shukla

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