Sensex extends gains to second straight day led by RIL, financial stocks

NEW DELHI: All round buying, especially in banking and metal stocks, lifted benchmark indices for a second consecutive session on Monday amid mixed global cues as investors shrugged off disappointing macroeconomic data.

In line with a contraction in manufacturing PMI, India’s Service PMI fell to 41.2 in June from 46.4 in the previous month. However, that did not have any negative impact on Dalal Street.

The 30-share pack Sensex rose 395.33 points or 0.75 per cent to close at 52,880. Its broader peer NSE Nifty added 112.15 points or 0.71 per cent to settle at 15,834.35.


“Strong job data signalled that the US economy is recovering at a steady pace which eased concerns over an earlier-than-expected interest rate hike by the Fed. Overall optimism boosted the appetite for most sectors barring IT and pharma, while smallcap and midcap stocks continued their outperformance,” said Vinod Nair, Head of Research at Geojit Financial Services.

Market at a glance:

• HFCL hits 20% upper circuit after co sets up another wifi village
• DMart rises 1% on Q1 biz update; analysts unimpressed
• Yes Bank shares end in the red after Q1 update
• Sadbhav Engineering tanks 5% on profit booking post Q4 results
• IT stocks see profit booking; Nifty IT sole sectoral loser on NSE

Among the blue-chip stocks, Hindalco was the top gainer, rising 3.80 per cent. ONGC, SBI, Tata Steel, Coal India, Eicher Motors, L&T, JSW Steel, Bajaj Finserv, Axis Bank and Bajaj Finance were other gainers.

Tech Mahindra was the top loser in the Nifty50 pack, falling 1.58 per cent. HDFC Life Insurance, BPCL, Dr Reddy’s Labs, HCL Tech, Britannia, Cipla, Wipro and Titan were other stocks that ended in the red.

Broader market indices ended higher outperforming their headline peers. Nifty Smallcap added 0.79 per cent and Nifty Midcap climbed 0.53 per cent. Nifty 500, the broadest index on NSE, ended up 0.68 per cent.

IRCTC, Indiabulls Housing Finance, Godrej Properties, Century Textiles, Blue Start and Tanla Platforms were top gainers from mid capand smallcap indices, climbing in the range of 4-7 per cent.

Carborundum Universal, Cyient, Graphite India, Adani Total Gas, Endurance Technologies and Gujarat State Petronet were major losers from the broader market space, falling in the range of 2-5 per cent.

Barring Nifty IT and Nifty Pharma that ended down 0.20 per cent and 0.01 per cent, all sectoral indices closed in the green on NSE. Nifty Realty was the top gainer, up 2.73 per cent. Nifty Bank and Nifty Financial Services advanced over 1 per cent each.

Market breadth was in favour of bulls as 2,226 stocks ended in the green while 1,111 scrips settled with cuts. As many as 580 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 31 names hit 52-week lows, mostly from the microcap space. About 670 stocks hit upper circuit limits and 265 lower circuit limits.

European markets were trading mixed at the last count. London-based FTSE was up 0.26 per cent while Paris climbed 0.02 per cent and and Frankfurt declined 0.18 per cent. In Asia, Japan, Hong Kong and Indonesia closed in the red while others registered gains.