Mumbai: Amid healthy third quarter earnings, the Sensex and Nifty ended on a firm note on Monday in tandem with the Asian markets. “Global markets were mixed as Asian markets chalked gains but Europe opened on a lacklustre note. Overall, the sentiment was benign after fresh data from China showed that its economy grew at its slowest pace since 1990,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund. “Traders also await British Prime Minister Theresa May’s announcement of a Plan B for Brexit which she is due to present in parliament later today (London time).”
Energy, IT and oil and gas sectors gained while the key finance stocks ended lower. The BSE Sensex closed higher by 192.35 points, or 0.53 per cent at 36,578.96 points, after touching a high of 36,701.03 and a low of 36,351.77. The benchmark index opened higher on Monday, at 36,467.12 points, from its previous close of 36,386.61. The broader Nifty50 also ended up by 54.90 points or 0.50 per cent at 10,961.85.
Technically, the Nifty has broken out of last week’s trading range, which augurs well for the uptrend to continue. Our next upside targets for the Nifty are at 11,036-11,081 once the immediate resistances of 10985 are taken out,” said Deepak Jasani of HDFC Securities. “Crucial supports to watch for any weakness are now at 10,885.” Stock-wise, Reliance Industries gained over 4 per cent on Sensex after reported healthy third quarter earnings last week. It was followed by Kotak Mahindra Bank which reported a 22.57 per cent increase in its standalone net profit during the October-December quarter, following which its shares gained 2.42 per cent. Other top gainers were Sun Pharma, Bajaj Finance and Infosys. In contrast, Hero MotoCorp and Yes Bank lost over 3 per cent while Maruti Suzuki, Power Grid and Bajaj Auto declined up to 2.07 per cent.
On the currency front, the Indian rupee depreciated 10 paise against the US dollar, to 71.28 per US dollar from the previous close of 71.18. In terms of investments, both foreign institutional investors (FIIs) and domestic institutional investors (DIIs) were net sellers. While FIIs sold shares worth Rs 299.79 crore, DIIs bought Rs 520.80 crore worth of stocks on Monday. (IANS)
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