Logo

Logo

Nifty consolidates at 2-month highs

Stocks built up fresh gains on Monday as traders pressed the buy button on banking, realty, auto and textile stocks. Local investors…

Nifty consolidates at 2-month highs

Representational Images (PHOTO: Getty Image)

Stocks built up fresh gains on Monday as traders pressed the buy button on banking, realty, auto and textile stocks. Local investors opened their purse strings despite a weak close in Asia, indifferent European equities and a negative tick on US futures.

More than two-thirds of stocks making up the 51-share Nifty index rose between 0.1-2.4 percent as traders turned more bullish on the fifth day of gains. Expectations that local quarterly earnings will outperform forecasts fueled stock prices. Earnings from Dewan Housing Finance and  LIC Housing Finance boosted sentiment further. Several private banks — DCB Bank and IndusInd — have already beaten forecasts and investors expect more such fireworks in the coming sessions.

The Nifty remained in positive territory for the fifth session in a row as traders reworked the math in a market consolidating around 2-month highs. Meanwhile, here are the major events of the trading day:

Advertisement

* The Nifty rose 13 points to 8,412 points. The index retraced from an intra-day high of 8,425 points and ended near its highest level since November 11.

* Adani Ports, State Bank, Idea, Tata Steel, Bosch and Tata Motors rose between 2.1-3%. They were among 33 stocks that rose on the Nifty.

* HCL Tech, Infosys, Eicher Motors, Tata Power and Sun Pharma dropped 1.5-2.6%. They were among 18 stocks that fell on the Nifty.

* The Sensex rose 50 points to 27,288 points on the Bombay Stock Exchange. Tata Steel was the top gainer while ONGC dropped the most. HDFC Bank was the top traded stock on the Sensex.

* Infosys, TCS and Axis Bank were the top traded stocks by value on the NSE.

* Real Estate stocks dominated trading lists with JP Associates, DLF and HDIL taking the first three slots on the list of most active shares by volume.

* Broader markets showed a mild uptick with the Nifty 100, 200 and 500 indices inching up 0.2-0.3%.

* Realty, Banks, Metal and Media shares were in a strong uptrend. They gained between 0.9-1.7%. The IT index remained under bear control, down 0.9%, and mild profit booking was seen in FMCG and pharma stocks.

* Hindustan Zinc, Havells, Indiabulls Finance and Vedanta showed strong traction.

* Reliance Industries, ahead of its earnings, Apollo Hospitals, Glenmark at Pidilite dropped lower.

* Bulls remained in control of market sentiment with 835 shares rising versus 586 that declined in the wider market.

* The trend was reflected in the derivatives market as well, where 123 futures rose versus 54 that fell.

* CanFin Homes, Mastek and NIIT Technologies are stocks that will report earnings on Tuesday.

Advertisement