Sensex Today: The global rally lifted Indian benchmark indices on Monday as investors shrugged off hawkish policies by global central banks. The S&P BSE Sensex surged 322 points, or 0.54 per cent, to settle at 60,115, while the Nifty50 ended at 17,936, higher by 103 points or 0.58 per cent. Both the indices hit intra-day highs of 60,284.55 and 17,980.55, respectively.
The resilience of the broader markets, meanwhile, continued on the bourses with the BSE MidCap and SmallCap indices advancing up to 1 per cent higher.
Tech M, Titan, Axis Bank, Infosys, Ultratech Cement, Bajaj Finance, Tata Steel, Wipro, RIL, and TCS were the top large-cap winners, while HAL, ACC, Godrej Properties, Jubilant FoodWorks, Aurionpro Solutions, Xchanging Solutions, Repco Home Finance stole the show in the broader markets. All these stocks soared between 1 per cent and 20 per cent.
Sectorally, it was a sea of green with the Nifty Realty and IT indices leading the charts, rising 2 per cent and 1.4 per cent, respectively. The Nifty Auto index poste the smallest gain of 0.27 per cent.
Tirthankar Das, Technical & Derivative Analyst, Retail, Ashika Stock Broking Ltd., said: “On the technical front, Nifty a long negative candle on the daily chart with a minor lower shadow while ended with a long bull candle on the weekly chart, indicating volatility is likely to rule in the market. However, with positive market breadth, one can expect the Index to challenge the psychological level of 18,000. Nifty is likely to head towards 18,300 in September 2022 as it is the swing high of January 2022. Nifty also registered a bullish golden crossover in August (50-DEMA crossing above 200-DEMA) implying a major shift of momentum from a medium-term perspective. Nifty also has given a conclusive breakout from eight months’ falling channel signalling the end of the corrective phase and the breakout is well supported by sequential improvement in market breadth. Hence during the day index is likely to open on a flat to slight gap-up opening and is likely to continue with its positive momentum and challenge 18,000 levels. Thus one can use dips towards 17,775-17,735 for creating a long position for the target of 18,300 in the near term.”
Rupee
The rupee appreciated by 12 paise to close at 79.57 against the US dollar on Friday, tracking positive domestic equities and foreign fund inflows.
Global Cues
Asian share markets made cautious gains on Monday on hopes a key reading on US inflation will show some cooling, while the U.S. dollar was restrained by the risk of higher European interest rates and Japanese intervention.
Tokyo stocks opened higher on Monday, tracking rallies on Wall Street as investors came to terms with the prospect of more central bank interest rate hikes. The benchmark Nikkei 225 index was up 0.96 per cent, or 269.59 points, at 28,484.34 in early trade, while the broader Topix index was up 0.75 per cent, or 14.83 points, at 1,980.36.
US stocks rallied on Friday, with the major indexes recording their first weekly gain in four weeks as investors went on a buying spree, shrugging off concerns about the economic outlook.
Oil prices slipped during Asian trade on Monday as the prospect of further interest rate hikes in the United States and Europe to quell inflation and the imposition of strict COVID-19 restrictions in China overshadowed the global demand outlook.
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