The stock market indices closed Monday's trading session on a high note, buoyed by a significant surge in shares of automobile companies. Here are the key highlights:
- The S&P BSE Sensex gained 494.28 points to reach 74,742.50 at the closing bell.
- The NSE Nifty50 rose by 152.60 points to settle at 22,666.30.
- All other broader market indices also ended the session positively.
Among sectoral indices:
- Nifty Auto emerged as the top gainer, rising by 2.16%.
- Nifty Metal, Nifty Realty, and Nifty Oil & Gas also saw gains of over 1% each, contributing significantly to the overall rally.
- However, heavyweight Nifty IT fell by over 0.5%.
The top five gainers on the Nifty50 were:
1. Eicher Motors
2. M&M
3. Maruti Suzuki
4. NTPC
5. SBI Life
Conversely, the top five losers on the Nifty50 were:
1. Adani Ports
2. Nestle India
3. Apollo Hospitals
4. Wipro
5. Sun Pharma
Among individual stocks:
- Maruti Suzuki shares hit a record high after leading in retail sales for passenger vehicles in FY24.
- FSN E-Commerce Ventures, the parent company of Nykaa, saw its shares rise over 6.5% after sharing a strong business update for Q4 FY24.
- On the other hand, shares of IT giant Wipro fell 1% following the resignation of CEO Thierry Delaporte, with Wipro veteran Srinivas Pallia replacing him.
Aditya Gaggar, Director of Progressive Shares, noted that Nifty50 began the week strongly, breaching its previous high and closing at a fresh high of 22,666.30. He highlighted that Auto, Realty, and Energy sectors performed well, while PSU Banking saw some profit booking corrections.
Gaggar also observed that with a bullish candle, the index has given a breakout from a Rounding Bottom formation, indicating a potential extension of the current up-move. He mentioned that the approximate target as per the pattern is 23,340, with immediate strong support at 22,340.
