In a positive start to the week, domestic benchmark equity indices snapped their three-day losing streak to settle near the day’s high.
Sensex, which witnessed selling pressure in the morning session on the back of selling in metal stocks, turned positive later in the day, led by buying in banking, financials and FMCG counters.
The 30-pack index rose 327 points to end at 53,235. Its broader peer Nifty50 added 83 points to settle at 15,835. Thirty-six of 50 Nifty stocks rose, while 14 settled with cuts.
Investors were, however, cautious about the dual threats of dwindling economic growth and stubborn inflation. Metal and IT stocks witnessed a sell-off as demand worries in top consumer China also weighed on sentiments.
ITC stock rises to 3-year high
ONGC falls 4% as Morgan Stanley downgrades stock
IDFC First Bank jumps over 5% after Q1 business update
Tata Power adds 3% on signing MoU with Tamil Nadu govt
DMart adds over 3% post robust June quarter update
HUL and IndusInd Bank were the top gainers from the Nifty50 pack, rising over 3 per cent each. Britannia, ITC and ICICI Bank also settled higher. On the flipside, ONGC, TCS, Tata Steel, JSW Steel and Cipla witnessed selling pressure, falling around 2-3 per cent each.
FMCG stocks also surged in the trade as palm oil prices declined 10 per cent. Nifty FMCG was the top sectoral gainer, rising 3 per cent. The Nifty Midcap index rose 0.69 per cent, while smallcap added 0.64 per cent.
The Nifty IT index, meanwhile, dropped 0.6 per cent.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities, said the market is now showing signs of witnessing a decisive upside breakout of the important resistance of 15,900 levels in the next 1-2 sessions.
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