Sensex Today: Indian benchmark indices shrugged off global negative cues and remained stable and green throughout the whole session, adding 0.7 per cent on Monday.
Against this backdrop, the benchmark S&P BSE Sensex soared nearly 500 points intra-day, before cooling off a bit to end at 59,246, up 443 points. The Nifty50, too, climbed 126 points to settle at 17,666.
ITC, Sun Pharma, RIL, Tata Steel, NTPC, HCL Tech, L&T, and ICICI bank were the top Sensex gainers, while Hindalco, JSW Steel, Grasim, and Cipla were additional top gainers on the Nifty50. All these stocks advanced between 1 per cent and 3.3 per cent. On the downside, Nestle, Ultratech Cement, Wipro, HUL, and PowerGrid ended weak in a firm market.
In the broader market, the BSE MidCap index added 0.46 per cent, and the BSE SmallCap index gained 0.9 per cent. Sectorally, it was a sea of green with the Nifty Private Bank index leading from the front with 1 per cent gain.
Among stocks, Mahindra & Mahindra Financial rallied 4 per cent and was trading at its 52-week high on the back of strong August business numbers.
PVR rose over 1 per cent after Societe Generale bought 3.23 lakh shares(around 0.5 per cent stake) in the company at Rs 1861.42 apiece via block deals.
Paytm stock fell 6 per cent after the ED raided its offices. This was despite the company denied any link with the merchants that are under the Enforcement Directorate scanner in the Chinese loan app case.
VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “US jobs generation figures and employment data released last Friday are favorable from the equity market perspective. Jobs generation (315000 in August) continues to be strong indicating a robust economy. This would have called for a hawkish Fed action on 21st September, but unemployment rising from 3.5% to 3.7% and declining wage growth reflect a slowing economy and proof that rate hikes are working. The Fed may again hike the rate by 75 bp this month; it is also possible that the hike may be 50bp. Either way, the market is unlikely to be surprised. India is presently the best performing market globally. FIIs turning buyers has imparted strength to the market. Derivatives data indicates high volatility ahead.”
Global Cues
Asian shares slipped on Monday while the euro took a fresh spill after Russia shut a major gas pipeline to Europe, leading some governments there to announce emergency measures to ease the pain of soaring energy prices.
Tokyo stocks opened lower on Monday, extending falls on Wall Street where sentiment worsened after Russia said it would keep a key gas pipeline to Germany offline. The benchmark Nikkei 225 index was down 0.31 per cent, or 85.23 points, at 27,565.61 in early trade, while the broader Topix index slipped 0.29 per cent, or 5.65 points, to 1,924.52.
US stocks closed out the trading week on a down note on Friday, as early gains from a jobs report that showed a labor market that may be starting to loosen gave way to worries about the European gas crisis.
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