The markets ended on a positive note on Monday with the benchmark indices--Sensex and Nifty kickstarting the week on a positive note with a gap up opening. The Sensex jumped 848 points at 49,581 mostly led by banking, auto and metal stocks. The Nifty rose 245 points to settle at 14,923.
The market sentiment improved after domestic coronavirus cases fell below the 300,000 mark for the first time since April 21. India reported 281,386 new coronavirus infections over the last 24 hours, the lowest since April 21, helped by extended lockdowns in some states.
The top gainers on the Nifty were: IndusInd Bank, SBI, ICICI Bank, HDFC Bank and UPL. The top losers were: Cipla, Bharti Airtel, Larsen and Toubro, SBI Life Insurance and Nestle India.
The markets started this week with strong momentum amid continued fall in of COVID cases, accompanied by better-than-expected macro-economic data. Mohit Nigam, Head, PMS, Hem Securities, said, "If the markets break the level of 15,000 and sustain above the level, then this bullish rally might be extended in Nifty 50. IndusInd Bank, SBI and ICICI Bank were among the top gainers in Nifty 50 while Cipla, Larsen and Bharti Airtel were among the top losers in Nifty 50 today," he added.
Sumeet Bagadia, Executive Director, Choice Broking, said, "On the technical front, the Index has been trading in lower highs and higher lows formation and consolidating near the upper band of formation, crossing above it can show further upside rally. Moreover, the Index has formed an open Bullish Marabozu candlestick pattern which suggests upside momentum in the counter. Furthermore, the index has given closing above the 21 and 50 Days Moving Averages as well as momentum indicator MACD has shown positive crossover, which points out the strength for the upcoming session. At present, the Index support comes at 14,700 levels while the upside resistance seems to be at 15,000 levels," Bagadia said.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities, said the markets rallied throughout the day and closed at the highest point of the day. "Tomorrow, if global markets support and domestic news flow continues to favor, then we would see 15,000 or 15,050 at the opening. On the other hand, any weak opening around 14,870/14,850 would be a buying opportunity in the market. The focus should be on financials. Auto and commodities stocks with a short term view," Chouhan said.