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Indian stock indices closed substantially higher on Monday tracking positive cues from global markets. The indices, however, started the day largely on a steady note.
Sensex closed the session at 61,806.19, up 468.38 points or 0.76 per cent, whereas Nifty closed at 18,420.45 points, up 151.45 points or 0.83 per cent. Among the Nifty 50 stocks, Adani Ports, Adani Enterprises, Mahindra and Mahindra, Eicher Motors, and Power Grid Corporation of India were the top gainers, rising in 2.7-4.1 per cent range, whereas TCS, ONGC, Tata Motors, Infosys, and Sun Pharma were the top losers, declining in 0.6-1.1 per cent range, National Stock Exchange data showed. "Stabilizing after the previous session, domestic indices edged towards gains owing to optimistic cues from western markets," said Vinod Nair, Head of Research at Geojit Financial Services. "However, the IT sector stood out as an exception to the rally, as the growth guidance of the US IT sector signalled downgrades. Fears of a worldwide recession and mounting local Covid cases weighed heavily on Asian stocks," Nair added. Today, the Nifty It index fell 0.5 per cent, NSE data showed. "Markets started the week on a firm note and gained nearly a per cent, taking a breather after the recent slide. After the flat opening, the Nifty index gradually inched higher, thanks to a recovery in select index majors from across sectors...," Ajit Mishra, VP - Technical Research, at Religare Broking, said. Among the sectoral stocks, auto, metal, and FMCG posted decent gains while IT and pharma traded subdued. Mishra said Religare Broking recommends investors stay selective and prefer the top performer stocks. Meanwhile, Rupee closed at 82.71 against the US dollar against the previous session's close of 82.87. Jateen Trivedi, VP Research Analyst at LKP Securities, citing RBI's projection on interest rates, said the weakness in the rupee exchange rate is likely to continue. "RBI too maintains higher projection on interest rates which shall keep the rupee weakness continued. 82.50-83.00 range is the immediate levels as dollar index trades between 104-105 either side breach shall give trend to the currency," Trivedi added. (ANI)
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