Benchmark indices snap out of a 3-day losing streak; Sensex climbs 231 points

The benchmark equity indices on the BSE and National Stock Exchange (NSE) snapped out of a three-session losing streak and ended 0.4 per cent higher on Monday led by gains in banking and automobile stocks.

The S&P BSE Sensex rose 231.29 points (0.40 per cent) to end at 57,593.49 while the Nifty 50 climbed 69.00 points (0.40 per cent) to settle at 17,222.00. Both the indices had opened marginally lower earlier in the day and slipped nearly 1 per cent during the morning trade before erasing their losses and turning positive towards the afternoon.

On the Sensex pack, gains were led by Bharti Airtel, Axis Bank, ICICI Bank, ITC, State Bank of India (SBI) and IndusInd Bank. On the other hand, Nestle India, Housing Development Finance Corporation (HDFC), HCL Technologies, DR. Reddy’s Laboratoties, Asian Paints and Wipro were among the top losers.

Among the broader market indices, the S&P BSE MidCap slipped 93.99 points (0.40 per cent) to end at 23,695.92 while the S&P BSE SmallCap settled at 27,653.23, down 147.37 points (0.53 per cent). The volatility index or India VIX fell 3.49 per cent to 22.6100.

Commenting on the market move on Monday, Vinod Nair, Head of Research at Geojit Financial Services said, “The current volatility is due to elevated commodity prices and resultant downgrade of future earnings growth. The price of products have been increasing constantly and is expected to increase further in the future, affecting demand and margin. Uncertainties due to rising covid cases especially in China also added to the weakness.”

He further noted that “While Indian equities showed resilience and bounced back in green following a positive European market. We can expect an ease in this volatility based the cessation of the war, commodity prices and supply constraints.”

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