Sensex, Nifty Advance For The Second Day As Auto Stocks Gain: Market Wrap
Sensex gained 240 points, or 0.38%, to end at 62,787.47, while the NSE Nifty 50 closed 60 points, or 0.32%, higher at 18,593.85.
Indian equity benchmarks held on to gains through Monday, after slipping marginally ahead of closing. Nifty Auto was the top sectoral gainer and hit a record high in trade, while the Nifty FMCG pared gains after hitting an all-time high for the seventh straight session.
The headline indices were trading in a bull market on Monday after the S&P 500 index inched closer to it on Friday. The Sensex advanced 23.3%, whereas the NSE Nifty 50 was up 22.5% from its low on June 17, 2022, implying that the indices were trading in a bull market. Generally, this occurs when there is a rise of 20% or more in market indices over at least a two-month period.
U.S. futures were steady after Friday’s U.S. payroll data helped take the underlying S&P 500 to the cusp of a bull market.
Oil advanced on the back of Saudi Arabia’s pledge to cut production. It gained at the week’s open after Saudi Arabia said it will make an extra 1 million barrel-a-day supply cut in July, taking its production to the lowest level for several years, following a slide in prices.
In Europe, stocks edged higher, following gains for benchmarks in Asia. In Tokyo, the Nikkei 225 climbed as much as 2%, headed for its highest close since July 1990, helped by a sharp weakening of the yen last week. The S&P 500 closed just a few points away from entering a bull market on Friday—a level which would see it rising 20% from its October low.
The S&P BSE Sensex gained 240 points, or 0.38%, to end at 62,787.47, while the NSE Nifty 50 closed 60 points, or 0.32%, higher at 18,593.85.
Axis Bank Ltd., ICICI Bank Ltd., Mahindra & Mahindra Ltd., Larsen and Toubro Ltd. and Reliance Industries Ltd. were positively adding to the change in the Nifty.
Whereas ITC Ltd., HDFC Bank Ltd., Kotak Mahindra Bank Ltd., Tata Consultancy Services Ltd. and Hindustan Unilever Ltd. were weighing the index down.
The broader market indices ended higher; the S&P BSE MidCap was up 0.29%, whereas the S&P BSE SmallCap was higher by 0.51%.
Seventeen out of the 20 sectors compiled by BSE Ltd. advanced, except S&P BSE Fast Moving Consumer Goods, S&P BSE Information Technology and S&P BSE Teck.
The market breadth was skewed in the favour of buyers. About 2,183 stocks rose, 1,482 declined, and 175 remained unchanged on the BSE.
