Stock market gains momentum due to buying in Reliance Industries, Sensex up 64 points
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Mumbai: Local stock markets returned fast on Monday and the BSE Sensex gained 63.72 points. Heavy buying and sustained foreign fund inflows in Reliance Industries, which has a strong stake in the index, kept the market up. However, selling in IT stocks ahead of quarterly results limited the market’s gains. The financial results of companies will start coming in from this week. After Friday’s sharp fall, the 30-share Sensex climbed 63.72 points, or 0.10 percent, to close at 65,344.17. It had climbed up to 353.04 points at one stage during the trade.
The National Stock Exchange’s Nifty also closed at 19,355.90 with a gain of 24.10 points, or 0.12 percent. Reliance Industries was the top gainer in the Sensex pack, gaining 3.78 per cent. Apart from this, Tata Steel, Bharti Airtel, IndusInd Bank, Kotak Mahindra Bank, UltraTech Cement, ICICI Bank and Tata Motors also gained momentum. On the other hand, losers included Titan, HCL Technologies, Power Grid, Tata Consultancy Services, Wipro, Hindustan Unilever, Axis Bank and Nestle. Vinod Nair, Head of Research, Geojit Financial Services, said, “There was an all-round softening in the domestic stock markets. But buying in major stocks helped both the benchmark indices to remain marginally higher.
There was a softening in IT stocks. Investors turned cautious ahead of the companies’ first quarter results. There is a possibility that the results of these companies will be mild. “Besides, the signals from the US market are not favourable,” he said. Despite expectations of softening in US retail inflation, another interest rate hike is expected.Religare Bronking Ltd. Ajit Mishra, Senior Vice President (Technical Research), said, “The market remained range-bound and closed with slight gains amid a mixed trend.
The trend was positive in early trade. The major reason for this is the rise in the stock of Reliance Industries. However, selling pressure in other leading stocks capped the gains as the trading progressed. The BSE Midcap (Index of mid-sized companies) was down 0.45 per cent and Smallcap (Index of small companies) was down 0.26 per cent. In other Asian markets, China’s Shanghai Composite and Hong Kong’s Hangseng were in the red, while South Korea’s Kospi and Japan’s Nikkei were in losses. Europe’s major markets had a bullish trend in early trade. US markets were in losses on Friday.
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