The Sensex was up 49.90 points or 0.07 per cent at 73,856.05, and the Nifty was up 21.90 points or 0.10 per cent at 22,400.30.
NTPC, Power Grid, RIL, Axis Bank, ICICI Bank, Tech M, Bajaj Finserv, IndusInd Bank, and Bharti Airtel rallied up to 3.5 per cent, and ended as top gainers on the BSE benchmark.
In the broader markets, the BSE MidCap index added 0.16 per cent, while the BSE SmallCap fell 0.78 per cent.
Among sectors, the Nifty Media index shed 1.86 per cent, and the Nifty IT index 0.8 per cent, and the Nifty FMCG index 0.5 per cent.
The Nifty Pharma, and PSU Bank indices, meanwhile, added up to 0.4 per cent.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said: “The massive 350-point rally in the Nifty on Friday was primarily driven by the far better-than-expected Q3 GDP numbers which came at 8.4% YoY. This hot number which indicates strong momentum in the economy triggered short covering leading to the 350 point spurt in the Nifty. While the GDP numbers are good it is important to understand that there is a statistical aberration in the numbers. The GVA in Q3 is only 6.5%. The big differential is due to the 32% spurt in indirect taxes. It is also important to remember that the consumption numbers are tepid. In brief, there is room for optimism but there is no case for unbridled bullishness. The SEBI advisory to mutual funds regarding the excessive valuations in the mid and small cap schemes is likely to restrain the performance of the broader market. The irrational exuberance in the broader segment has no fundamental justification.”
Global Cues
Japan’s benchmark Nikkei index surpassed the 40,000 mark for the first time on Monday following gains on Wall Street. The Nikkei added 0.84 per cent, or 334.87 points, to 40,245.69 shortly after the opening bell, while the broader Topix index rose 0.30 per cent or 8.07 points to 2,717.49. The dollar stood at 150.04 yen, compared with 150.11 yen seen Friday in New York.
Asian share markets firmed on Monday as the Nikkei reached another new high and investors braced for a week packed with central bank events and major data that will refine market wagers for when interest rates will start falling.
US stocks rose on Friday, with the S&P 500 and Nasdaq closing at record highs, as technology stocks rallied on continued enthusiasm for artificial intelligence, with further support from declining Treasury yields.
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