On Monday, the principal market barometers extended their initial ascendancies, driving the markets upward right from the buzzer. With the Sensex pivot starting at a solid 80,765.83 and the Nifty at 24,628, the mood right from the start was certainly bullish.
As the day progressed, the markets embraced the morning uptick and continued to climb. By the first half of the trading day, at 1.10 PM, the Sensex had advanced a significant 391.56 points to crest at 80,991.47 while the Nifty 50 had risen 141.70 points to notch a level of 24,707.05.
The robust launch of the Sensex at 80,765.83 and the Nifty kicking off at 24,628 provided a formidable base for the slices to dart northwards. The initial momentum was successfully harnessed, guiding both indices to navigate their way upwards.
The upward rally witnessed an array of leaders, primarily from the auto and metal sectors, making the most gains. Tata Steel was in the spotlight with an impressive jump of 4.28% to ?159.56, leading the rest of the stocks in the cluster.
Hot on the heels of Tata Steel, Hero MotoCorp rallied with a 3.35% leap to ?4,456. The movement of Bharat Electronics Limited was also strong, notching a 2.80% surge to ?387.75, indicating a strong momentum in favor of these top movers.
The metal sector received a significant boost from JSW Steel, which posted a gain of 2.33% to climb to ?1,051.70. Joining the bandwagon of top gainers, Eicher Motors registered an increase of 2.08% to ?5,643, presenting a strong performance for the day.
While certain sectors thrived, banking and utilities faced a sell-off. Power Grid Corporation felt the impact much more than others, recording a slump of 0.77% to ?289. HDFC Life Insurance followed suit with a slight 0.74% dip to ?736.20.
Oil and Natural Gas Corporation charted a mild retreat of 0.68% to ?235.18. Despite high trading volume by value, HDFC Bank saw a decrease of 0.57% to ?2,000.80 while the State Bank of India witnessed a downfall of 0.42% to ?790.70.
Despite the selling pressure, market breadth continued to stay positive across the BSE, with 2,148 stocks advancing as opposed to 1,798 stocks facing a decline. A total of 108 stocks soared to their 52-week highs, juxtaposed to the 111 stocks touching their 52-week lows.
In a show of momentum that overshadowed the benchmarks, the broader Nifty Midcap 100 surged forward by a notable 1.02% to reach 57,216.10. The dynamism of the broader market was unmistakably strong, clearly moving ahead of the benchmark indices.
Sector-wise performance displayed a mixed bag as the Nifty Next 50 attained 0.87% gain to reach 66,768.80, while the banking indices remained relatively docile throughout the trading session, providing a stark contrast to the market’s vibrant fluctuations.
The Nifty Financial Services index conjured up a modest gain of 0.03% to 26,500.35, while the Nifty Bank index crawled its way towards a meager 0.05% increase, setting a level of 55,645.40, demonstrating the subdued performance of the banking sector.
Investing activities portrayed an energetic outlook with 238 stocks hitting their upper thresholds against 228 marking their lower boundaries. The diverging trends signaled the robust trading activities throughout the session.
The market witnessed an intriguing contrast with the sturdy presence of domestic institutional buying juxtaposed against the relentless foreign institutional selling. This scenario represented the market’s ability to handle the uncertainties surrounding US-India trade relations and the prevailing global economic conditions.
The trading session was a clear display of domestic buying strength that stood as a counterforce against unyielding foreign institutional selling. Such dynamics indicated the market’s ability to navigate the murky waters of persisting concerns about US-India trade relations and global economic ambiguities.
In light of the day’s swinging fortunes, market analysts maintained a guarded stance, advising investors to opt for selective stock picking. Amidst the existing market volatility, they continue to emphasize the importance of prudence and insightful strategies for beneficial returns.
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