Mumbai: Indian market indices finished higher on Monday, halting a three-day losing run. The rebound in FMCG and private bank companies boosted the indexes.
At closing, the Sensex was up 375 points, or 0.46 percent, at 81,559, and the Nifty was up 84 points, or 0.34 percent, at 24,936.
Private banking stocks led the market. The Nifty Bank closed at 51,117, up 540 points or 1.07 percent.
In the Sensex pack, HUL, ICICI, ITC, Kotak Mahindra Bank, IndusInd Bank, Axis Bank, HDFC Bank, Nestle and UltraTech Cement were the top gainers. Tech Mahindra, Tata Steel, NTPC, Wipro, Tata Motors, Titan, Power Grid, HCL Tech, Sun Pharma and JSW Steel were the top losers.
Selling was seen in midcap and smallcap stocks. The Nifty Midcap 100 index was down 154 points, or 0.26 percent, at 58,347, and the Nifty Smallcap 100 index was down 178 points, or 0.93 percent, at 19,097.
FMCG, Fin services and private banks were major gainers among the sectoral indices. IT, Auto, metal, PSE and energy were major laggards.
Market experts said, “Despite a negative opening amidst weak global cues, the domestic market exhibited some recovery from last week’s steep fall. The market is currently attempting to gain stability between potential rate cuts and recession fears in the US. The current trend in the US job data suggests that the anticipated 25 bps rate cut may not be sufficient.”
“Moreover, the upcoming data on US inflation and jobless claims will be decisive in assessing the market trend,” they added.
Indian markets opened in the red. At 9:32 a.m., the Sensex was down 215 points, or 0.27 percent, at 80,968, and the Nifty was down 78 points, or 0.32 percent, at 24,773.
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–IANS
