The benchmark equity indices ended Monday’s trading session in the positive territory. The NSE Nifty 50 gained 84.35 points or 0.34% to settle at 24,586.50, while the BSE Sensex jumped 145.51 points or 0.18% to 80,664.86. Bank Nifty index ended higher by 177 points or 0.34% to settle at 52,445.90.
The broader indices ended in mixed territory, with gain led by Largecap and Midcap stocks. Media and Banking stocks outperformed among the other sectoral indices while IT stocks shed.
Sectoral Index
Bank Nifty gained 177 points, or 0.34%, to close at 52,455.90. The Nifty Midcap 100 increased by 490.65 points, or 0.86%, ending the day’s trading at 57,664.45. In the broader markets, small-cap and mid-cap stocks mostly finished in the green.
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Top Movers for the day
ONGC, SBI Life Insurance, Shriram Finance, State Bank Of India, and Bajaj Auto were the top gainers on the NSE Nifty 50, while the laggards includes LTIMindtree, Asian Paints, Grasim, Tata Steel, and Axis Bank.
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The Indian Volatility Index (India VIX) closed up by 3.36 % at 14.34.
Experts on Today’s Market Performance
“The Indian market continues to experience optimism driven by positive expectations from the upcoming Union Budget, robust FII inflows, and better-than-expected results from the IT sector. Additionally, the initial results from PSU banks have triggered a strong rally in the PSU index,” said Vinod Nair, Head of Research at Geojit Financial Services
Nair also said that the degree of optimism in the broad market is moderating as we are heading towards the budget D-day next week. Also, June’s CPI inflation reached a 5-month high due to the heatwave in May-June.
Whereas commenting on the same Ajit Mishra – SVP, Research, Religare Broking added that the markets began the week positively, building on Friday’s gains. Following an initial uptick, the Nifty gradually climbed, reaching a high of 24,635.05 before closing at 24,586.70. All key indices joined the rally, with realty, auto, and energy sectors leading the gains. The broader indices also performed well, rising by 0.6%-0.9%.
“We maintain a positive outlook and recommend a “buy on dips” strategy. In addition to favorable domestic factors, positive global cues are boosting sentiment. Traders should continue to focus on stock selection and trade management,” said Mishra.
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Bank Nifty
Commenting on the Bank Nifty today Rahul Ghose, CEO of Hedged.in said that the Banknifty index after the +ve opening, traded above the day’s opening range, which is trading at 52260 to 52445 throughout the day. The increased writing of the put OI at 52500 & below levels, indicates that Banknifty is likely to find support around these levels, for current weekly expiry.
Ghose also added that the max pain is also trading at 52500. The Banknifty PCR opened at 0.77 & traded flat in the first half, later it jumped to test 1.19 in second half, indicating the index likely to retrace from the higher levels, in the weekly expiry tomorrow.
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