Despite muted global cues, benchmark indices ended Monday’s session broadly in the green. The NSE Nifty 50 rose 111 points or 0.61% to 18,314.40 and BSE Sensex zoomed 234 points or 0.38% to 61,963.68. In sectoral indices, Bank Nifty fell 84.30 points or 0.19% to 43,885.10 and Nifty IT surged 703.65 points or 2.49% to 29,007.30. The top gainers on Nifty 50 were Adani Enterprises, Adani Ports, Divis Lab, Apollo Hospital and Tech Mahindra while the losers were Hero Motocorp, Axis Bank, Nestle India, Eicher Motors and Bharti Airtel.
“The domestic market inched higher in anticipation of possible progress in US debt ceiling negotiations. Despite a weak fourth-quarter performance, IT stocks rebounded on account of bargain opportunities and pent-up demand. Investors remain watchful ahead of the release of US FOMC minutes on Wednesday, as the minutes may give some indication of a pause on rate hikes,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty support at 43500-43650; resistance placed at 44150
“On Monday, Indian stocks gained, with the IT sector leading the way. For the day, the Bank Nifty and the financial sector underperformed. Bank Nifty has support at 43500-43650 while resistance is placed at 44150 which is also close to all-time high levels,” said Deven Mehata, Equity Research Analyst at Choice Broking.