Following erratic movements in international markets, Indian equity indices Sensex and Nifty50 were able to snap a two-day losing run on Monday with modest gains.
The major indices rose as gains in FMCG, IT, and oil and gas sectors helped to offset declines in auto stocks. The tumultuous day’s two leading indices ended 0.2% higher.
Gainers and Losers
In intraday trading, the Sensex swung around the flatline by more than 600 points, closing 126.8 points higher at 57,653.9. The Nifty increased 40.7 points for the day to end at 16,985.7 after largely fluctuating within the 16,900-17,100 band during the session.
Broader indexes the Nifty Midcap 100 and Nifty Smallcap 100 both experienced daily declines of 0.5% and 1.6%, respectively.
- Both the Sensex and the Nifty gained, while Nifty Midcap 100 and Nifty Smallcap 100 both experienced daily declines.
- The top Nifty gainer for the day was Garsim Industries.
- SBI Life Insurance was one of the Nifty basket’s worst performers.
Adani Ports, M&M, and Tata Motors were the biggest losers in the Nifty basket of blue-chip companies, while Grasim, Reliance Industries, and Cipla were the top gainers.
The top Nifty gainer for the day was Garsim Industries, an Aditya Birla Group firm, with shares jumping over 2% to Rs 1,623.9 per share on NSE.
According to Sharekhan, which has a ‘buy’ recommendation on the stock and a target price of Rs 1,900 per share, Grasim’s viscose business may gradually recover as prices bottom out, and its long-term growth potential will continue to outpace that of cotton and synthetic fibers.
Sun Pharma, which increased by more than 1% to Rs 984 a share for the day on BSE, was the top gainer in the Sensex basket.
Credit Suisse boosted its target price for Sun Pharma from Rs 950 per share to Rs 1,150 per share and upgraded the company to ‘outperform’ from ‘neutral’.
SBI Life Insurance was one of the Nifty basket’s worst performers, falling more than 1% to Rs 1,099.4 per share on NSE.
