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The Nifty closed up 164 points at 25,128. It opened today’s trade session 1,253.9 points away from its recent record high of 26,277.35.
The Sensex rose 592 points to finish at 81,973.
The Nifty Bank index gained 645 points to settle at 51,817, surpassing key moving averages of 50 and 100 days. Midcap stocks showed resilience, closing 450 points above their intraday lows, with the Midcap index rising 258 points to 59,471.
Federal Bank emerged as the top midcap gainer, rising 5%, while MTNL surged 6% on reports of a potential revival plan.
Buying interest returned to IT stocks, with Wipro and Tech Mahindra leading the Nifty gainers. HCLTech saw a rise of more than 1% ahead of its earnings report, while Reliance Industries ended flat ahead of its second quarter results.
L&T gained over 2% following a positive note from a brokerage.
Expectations of healthy festive demand spurred buying in two-wheeler autos.
Gopal Snacks Ltd. gained as much as 5% after brokerage firm Emkay initiated coverage on the stock with a ‘Buy’ rating and a price target of ₹600 per share, based on 40 times price-to-earnings.
Among the losers, Tata Chemicals and Bandhan Bank faced sharp declines after exiting the F&O ban.
ONGC shares fell amid declining crude prices, with Brent crude slipping below $78 per barrel. Oil marketing companies rose in response.
The Indian Energy Exchange (IEX) closed down 4% after comments from the Power Secretary regarding market coupling commitments.
City gas stocks slipped due to expectations of lower APM gas allocations. Realty stocks, including Oberoi Realty and Godrej Properties, saw gains, with Oberoi up 4%.
Indian Energy Exchange (IEX) shares fell as much as 6% on Monday after fears of market coupling, which has been a major overhang on the stock, resurfaced yet again.
Market breadth remained neutral, with an advance-decline ratio of 1:1.
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