India’s stock benchmarks broke their two-day losing streak on Monday, led by gains in information technology stocks such as Tata Consultancy Services, HCL Technologies, Infosys and Reliance Industries. The Sensex rose a whopping 452 points and the Nifty 50 index reached an intraday high of 16,592.50. However, the benchmarks came off intraday highs in the afternoon deals and posted gains at higher levels as traders became cautious amid the extremely bearish market width, analysts said. Overall market size was extremely negative as 2,482 stocks finished lower while 770 stocks finished higher on the BSE.
The Sensex rose 226 points to close at 55,555 and the Nifty 50 index rose 46 points to close at 16,496.
“If Nifty stays above 16,500 in the near term, it could rise to 16,700 as momentum indicators such as the relative strength index (RSI) and moving average convergence divergence (MACD) are positive,” said Ashis Biswas, chief of technical research at CapitalVia Global. Research. .
Ten of the 15 sector gauges compiled by the National Stock Exchange ended lower, led by the 1.7 percent drop in the Nifty Media index. Auto, Realty, PSU Bank, Metal and FMCG indices also finished lower.
On the other hand, the Nifty IT index was the biggest winner in the industry, rising almost 2 percent.
Mid and small cap stocks also witnessed selling pressure as the Nifty Midcap 100 Index fell 0.9 percent and the Nifty Smallcap 100 Index fell nearly 2 percent.
Nuvoco Vistas Corporation made a weak debut on the stock exchanges today, August 23. The cement maker’s shares opened at Rs 471, a discount of 17.37 percent compared to the issue price of Rs 570, on the BSE. On the NSE, the shares opened at a 15 percent discount to Rs 485.
HCL Technologies was top Nifty gainer, the stock rose 4 percent and closed at a record high of Rs 1,165. TCS, Nestle India, Bajaj Finserv, ONGC, Bharti Airtel, Wipro, Tech Mahindra, Bajaj Finance and Divi’s Labs also rose 1-2 percent.
On the other hand, Grasim Industries, Adani Ports, Mahindra & Mahindra, Eicher Motors, Bajaj Auto, Tata Motors, UltraTech Cement, Shree Cements, Power Grid and Tata Consumer Products were among the losers.
