Equity
benchmarks bounced back in last couple of hours of trade on Monday with the
Sensex closing above 27000 level and Nifty above 8100-mark supported by ITC,
Tata Motors, ONGC and HDFC.
Overall it
was a consolidation day ahead of expiry of September series’ derivative
contracts (on Thursday) and the market reported total turnover of Rs 5.9 lakh
crore, the fifth highest ever.
The 30-share BSE Sensex climbed 116.32 points
to 27206.74 and the 50-share NSE Nifty rose 24.85 points to 8146.30. The
broader markets gained too, with the BSE Midcap and Smallcap indices rising 0.2
percent and 0.5 percent, respectively.
The market continued to be in consolidation
mode ahead of expiry, say experts, adding, the upside may continue in near term.
However, if upcoming by-polls in Maharashtra and Haryana disappoint, then there
is a possibility of some correction.
“Market
has lot of expectations. It expects everything to be aligned very quickly. So,
if this political news is not in pink of health then the market can definitely
get nervous,” said Sandeep Bhatia, Executive Director and Head of Sales at
Kotak Institutional Equities.
Bhatia
expects another 10-15 percent returns in the market till next Budget. He
believes the economy is on an upturn and sees Diwali to be great from consumer
spending angle.
Tata
Motors, the commercial vehicle maker and the owner of luxury car maker Jaguar
Land Rover, topped the buying list, up 4 percent followed by cigarette major
ITC with 3 percent.
State-run oil and gas explorer ONGC was up 3.5
percent as the company will begin oil production from KG block in 2019. Housing
finance company HDFC and top lender State Bank of India climbed 1 percent each
while rival ICICI Bank advanced 0.44 percent.
However,
shares of Infosys, Sun Pharma, Cipla, Tata Steel, Wipro, BHEL, Hindalco
Industries, NTPC and Tata Power were down 1-2 percent.
In the midcap space, PC Jeweller, Delta Corp,
Ananj Raj, Jaiprakash Associates, NBCC, GSFC, Gitanjali Gems, Container
Corporation, Ramco Cements and Ashok Leyland surged 3-20 percent.
However,
Suzlon Energy, Bharti Infratel, Bhushan Steel, Torrent Power, Financial
Technologies, Century Textiles, Unitech and OBC fell 2-10 percent.
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