Mumbai Nov 27 (IANS) Expectations of further economic reforms along with short covering lifted the key indices of the Indian equity markets -- the S&P BSE Sensex and the NSE Nifty50 -- for the eighth straight session on Monday.
According to market observers healthy buying was witnessed in banking consumer durables and capital goods stocks. However negative global indices and volatility ahead of derivatives expiry capped gains.
The wider Nifty50 of the National Stock Exchange (NSE) gained just 9.85 points or 0.09 per cent at 10 399.55 points.
Similarly the barometer 30-scrip Sensitive Index (Sensex) of the BSE which opened at 33 640.51 points closed at 33 724.44 points -- up by only 45.20 points or 0.13 per cent -- from its previous close.
The Sensex touched a high of 33 745.17 points and a low of 33 540.46 during the intra-day trade.
The BSE market breadth was tilted towards bulls -- 1 548 advances and 1 148 declines.
"Markets ended with marginal gains on Monday after a negative opening... A sharp rebound from the lows in the afternoon session helped the Nifty to close in positive territory " Deepak Jasani Head Retail Research HDFC Securities told IANS.
"It was the eighth consecutive session of gains for the Nifty. Broad market indices like the BSE MidCap and SmallCap indices ended with bigger gains thereby outperforming the main indices."
According to Anand James Chief Market Strategist Geojit Financial Services domestic indices shrugged off negativity among Asian peers on the back of expectations for further reform measures.
"Amendments in the Insolvency And Bankruptcy Code may put the banking sector again in prime focus again but it was short covering ahead of the F&O expiry that was giving muscle to the late rise " James said.
On the currency front the rupee strengthened by 20 paise to close at 64.50-51 against the US dollar from its previous close at 64.70.
In terms of investments provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 424.77 crore whereas domestic institutional investors purchased stocks worth Rs 69.40 crore.
Sector-wise the S&P BSE banking index surged by 137.98 points followed by consumer durables index by 112.95 points and capital goods index by 85.61 points.
On the other hand the S&P BSE metal index fell by 92.43 points IT index by 24.81 points and oil and gas index by 20.80 points.
Major Sensex gainers on Monday were: NTPC up 3.13 per cent at Rs 186.05; Axis Bank up 2.73 per cent at Rs 559.65; ONGC up 1.41 per cent at Rs 183.45; State Bank of India up 0.90 per cent at Rs 335.25; and Wipro up 0.77 per cent at Rs 294.80.
Major Sensex losers were: Infosys down 1.23 per cent at Rs 997.50; Adani Ports down 1.14 per cent at Rs 400.35; Tata Motors down 0.89 per cent at Rs 421.15; Tata Steel down 0.83 per cent at Rs 701.85; and Tata Motors (DVR) down 0.69 per cent at Rs 239.05.
--IANS
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