Sensex, Nifty close higher over US-China trade hopes despite FII outflow fears
Benchmark stock market indices closed higher on Monday, ending the week with a rally that was driven by IT, FMCG, and financial sector stocks.The S&P BSE Sensex added 769.09 points to close at 81,721.08, while the NSE Nifty50 gained 243.45 points to end at 24,853.15.Sundar Kewat, Technical and Derivatives Analyst, Ashika Institutional Equity, said that the market sentiment was buoyed by optimism over US-China trade negotiations, following a mutual agreement between Washington and Beijing to maintain open lines of communication.advertisement
"However, gains were capped due to concerns over foreign fund outflows, amid rising US Treasury yields and a weakening US fiscal outlook," he added.Eternal Company led the charge with a gain of 3.51%, followed by Power Grid Corporation which surged 2.51%. ITC advanced 2.39%, while Bajaj Finserv climbed 2.09% and Nestle India rounded out the top five gainers with a solid rise of 1.83%.Only one stock among Sensex's top companies managed to close in the red. Sun Pharmaceutical Industries was the sole loser for the day, declining by 1.84%.The Nifty Midcap100 advanced by 0.64% while the Nifty Smallcap100 posted a solid gain of 0.80%, indicating robust performance in the broader market segments. The India VIX declined marginally by 0.11%.Almost all sectoral indices closed in positive territory, reflecting widespread buying interest across various segments.advertisementNifty FMCG emerged as the top performer with a gain of 1.63%, followed by Nifty Financial Services which surged 1.15% and Nifty Private Bank advancing 1.06%.Other notable gainers included Nifty IT up 0.95%, Nifty Oil & Gas rising 0.78%, Nifty Metal gaining 0.76%, Nifty Media climbing 0.54%, Nifty PSU Bank adding 0.52%, Nifty Consumer Durables up 0.32%, Nifty Realty advancing 0.26%, and Nifty Auto posting a modest gain of 0.24%.However, Nifty Healthcare Index bucked the positive trend, declining marginally by 0.01%, while Nifty Pharma also faced minor selling pressure with a decline of 0.41%.Ajit Mishra – SVP, Research, Religare Broking Ltd, said that technically the recovery after retesting the crucial short-term support level, the 20-day exponential moving average (20 DEMA), has eased some pressure."The outlook could improve further with renewed strength in the banking and financial sectors after their consolidation phase. We maintain our view of adopting a 'buy on dips' strategy, with a focus on selective stock picking, unless the Nifty decisively breaks below the 24,500 mark," said Mishra.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)
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