Stock market extends winning steak; PSU bank at new high
Sensex closed 487 points, or 0.66%, higher at 74,339.44 while the Nifty closed the day with a gain of 168 points, or 0.75%, at 22,570.35 on the monthly F&O expiry day.
The domestic markets on Monday started with losses with selling pressures in IT while financial services dragged during the morning trade.
The BSE 30-share Sensex declined 393 points to 61,787.77 levels and 50-share Nifty went down 112 points to 18,496.60 levels at 9.20 in the morning.
Some of the gainers on BSE in morning trade were Hindustan Oil Exploration, Hikal and JP Associates. MTNL, Raymond, Glenmark and BirlaSoft were among the laggards in morning trade. In broad-based Nifty, Nestle, Sun Pharma, Dr Reddy, Titan and ITC were the most active stocks which went up. HCL Tech, Tech Mahindra, Infosys, Wipro and TCS were among the laggards on NSE during morning trade.
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Globally, Asian stocks are trading lower on Monday as investors anticipate a Federal Reserve meeting and US inflation data this week.
In Europe markets, FTSE, CAC and Deutsche were trading in the green whereas Dow Jones, Nasdaq and S&P 500 Index were trading in the red during the morning trade.
US stocks fell Friday after wholesale inflation rose more than expected last month, raising concerns that the Fed will keep rates higher for longer.
The US Fed will start its two-day meeting on Tuesday.
Economists all across the world anticipate US central bank to raise rates by half a percentage point on the following. There is another development in the US consumer price index, which is slated for Tuesday.
The Nifty 50 on Friday settled 0.6 per cent down at 18,496 slipping below the support level of 18,500 points. The BSE Sensex closed 0.6 per cent lower at 62,181 points. Benchmark indices registered weekly losses for the first time in two weeks, shedding over 1 per cent each. Back home, On Monday, the key equity indices settled lower on Friday, dragged by weakness in IT stocks.
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