Sensex, Nifty Extend Winning Streak as Realty, Auto Stocks Lead Rally
Mumbai– Indian equity benchmarks extended their winning streak to a fourth straight session Monday, supported by strong buying in realty, auto, oil and gas stocks.
The Nifty rose 159.50 points, or 0.66 percent, to close at 24,430.35. The Sensex advanced 521.16 points, or 0.67 percent, to settle at 78,285.07.
Market experts said the 24,500 to 24,600 range will be a key zone to watch for the Nifty in the coming sessions. A decisive move above that level could confirm the continuation of the current bullish trend.
“On the downside, the 24,200 level is expected to act as immediate support in case of any profit booking, followed by the 24,000 psychological zone, which remains the crucial zone,” an analyst said.
Among Nifty stocks, HDFC Bank, Hindalco Industries and Oil and Natural Gas Corporation were the top gainers, helping lift the benchmark indices.
The broader market also ended higher. The Nifty MidCap index gained 0.45 percent, while the Nifty SmallCap index outperformed with a 0.75 percent rise.
Most sectoral indices closed in positive territory. The Nifty Realty index led the gains and ended at a six-month high. The Nifty Auto index climbed to its highest level in a month, while the Nifty Oil and Gas and Nifty Consumer Durables indices also posted strong gains.
Experts said the rally reflected sustained buying across rate-sensitive and cyclical sectors.
“Market sentiment remains positive, supported by the decline in the India VIX, which reflects improving investor confidence,” an analyst said.
“The rally was broad-based, with real estate, oil & gas, automobiles and consumer durables emerging as the top-performing sectors, each advancing around 1 percent during the session, as buying interest remained widespread across the market,” the analyst said. (Source: IANS)
