New Delhi: Indian stock indexes edged higher on Monday in a volatile session driven by strong buying in metal shares. Benchmark BSE Sensex rose 389 points or 0.70% to close at 56,247; while the broader NSE Nifty rose 136 points, or 0.81%, to 16,794. Both indices fluctuated between gains and losses before staying in the green for the second consecutive session.
Investors turned bullish amid hopes of Russia-Ukraine talks. Ukraine says that talks with Moscow will be held at the Belarus-Ukraine border.
Mid- and small-cap stocks ended on a positive note as the Nifty Midcap 100 index gained 0.97% and small-caps edged up slightly.
10 of the 15 sector gauges – compiled by the National Stock Exchange – are colored green. Nifty Metal outperforms the stat with a 4.95% gain.
In terms of specific stocks, Hindalco is the top gainer Nifty stock as the stock is up 7.16% to Rs 572.15. Tata Steel, PowerGrid, JSW Steel and BPCL were also among the gainers.
Additionally, shares of Future Group companies rose on reports that Reliance Industries would take over at least 200 Retail stores in the future.
“Currently, Nifty has immediate support around 16,650-16,500 levels while increasing resistance around 17,000 levels. On the other hand, Bank Nifty has support at 35,500 while resistance at 36,800,” Choice Broking said. in its market assessment.
On the BSE, market breadth stood firm with 2,120 shares gaining while 1,323 stocks declined.
Tata Steel, PowerGrid, Reliance Industries, Titan, NTPC, L&T, Asian Paints and ICICI Bank were the main gainers on the 30-stock BSE index. In contrast, twins Dr Reddy’s, Axis Bank, M&M, HDFC (HDFC and HDFC Bank) were in the red.