Sensex & Nifty today: Market Watch: Nifty showing signs of sustainable up move | The Economic Times Podcast

Amid positive global cues, domestic equity indices Sensex and Nifty ended Monday’s session on a high note for the second consecutive day. While the Sensex ended 235 points higher at 61,185, Nifty managed to end the day above the 18,200 mark, led by gains in banks, auto and metal stocks.

Britannia was the top gainer in the Nifty50 pack, as it ended the day 8.4% higher. SBI, Adani Enterprises and BPCL were among the other top gainers. On the other hand, investors dumped Divi’s Lab shares after disappointing Q2 numbers. The pharma stock ended 8.7% lower at Rs 3,419 on NSE. Other top drags on Nifty included Asian Paints, Cipla, Sun Pharma and Adani Ports.

Among major sectoral indices, Nifty PSU Bank turned out to be the biggest beneficiary of the day as it ended 4.5% higher. Oil and gas, realty, metal, bank and auto indices also rallied over a per cent each.

Global stocks advanced Monday as investors weighed uncertainties such as the US mid-term elections and China’s possible moves to ease coronavirus restrictions.

European equities erased losses after a weak opening as traders took advantage of light positioning amid conflicting headlines fueling volatility. In Asian markets, Japan’s Nikkei 225 ended 1.2% higher, and Hang Seng was up 2.7%.

Besides cues from global markets, the Nifty was also pushed higher by the strength in the Indian rupee. The domestic currency strengthened 0.63% to 81.92 per dollar as improved risk sentiment weighed on the greenback. Brent crude oil futures were trading flat at $98.61 per barrel.

Mr Nagaraj Shetti of HDFC Securities said the short term trend of Nifty continues to be positive. He said the market is now showing signs of sustainable up move into new swing highs.

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