Sensex Ends 47 Points Higher After Sharp Recovery, Nifty Holds Above 24,200 As IT Stocks Lead Market Rebound
Indian equity benchmarks recovered from early losses to end almost flat on Monday. Strong buying in IT and private banking stocks offset weakness in select sectors, while stock-specific action kept investor interest high despite a balanced market breadth.
Indian equity benchmarks recovered from early losses to end almost flat on Monday. |
Mumbai: India's benchmark equity indices recovered strongly from lower levels on Monday (July 13) to end almost unchanged, supported by gains in information technology (IT) and private banking stocks.
The BSE Sensex rose 47 points to close at 77,616, while the NSE Nifty gained 4 points to settle at 24,211, managing to stay above the important 24,200 mark despite a volatile trading session.
IT stocks provide strong support
IT shares were the biggest contributors to the market's recovery. Five of the top six gainers on the Nifty were from the technology sector.
Tata Consultancy Services (TCS), HCLTech, Infosys, Tech Mahindra and Wipro witnessed healthy buying, helping the benchmark indices erase most of their early losses.
Banks and select sectors remain firm
Private banking stocks also supported the market. The Nifty Bank index climbed 86 points to finish at 58,131.
Kotak Mahindra Bank and ICICI Bank gained between 1 and 2 per cent, adding strength to both the banking index and the broader market.
Among other sectors, air-conditioner makers continued to attract buying. Voltas jumped 5 per cent, while Blue Star gained 3 per cent. LTIMindtree advanced after positive management commentary, and Tata Elxsi rose 2-3 per cent ahead of its quarterly earnings. Life insurance stocks also remained firm, with ICICI Prudential Life extending its recent gains.
Mixed stock-specific action
Kalyan Jewellers continued its strong rally and has surged nearly 50 per cent over the last four trading sessions. Happiest Minds Technologies climbed 6 per cent following reports of a promoter stake sale.
However, some stocks remained under pressure. Avenue Supermarts declined 3 per cent after its quarterly results, while Indian Bank fell 3 per cent after giving up part of Friday's gains.
Bharat Dynamics also slipped 3 per cent, and Muthoot Finance and Manappuram Finance lost around 2 per cent each as gold prices weakened.
The advance-decline ratio remained balanced at 1:1, while the Nifty Midcap index edged up 4 points to close at 63,041. Auto stocks delivered a mixed performance, with Bajaj Auto and Mahindra & Mahindra gaining, while Maruti Suzuki ended lower.
RECENT STORIES
-
-
-
-
-