Sensex, Nifty edge up in range-bound trading

Sensex, Nifty edge up in range-bound trading
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Sensex, Nifty edge up in range-bound trading

Highlights

Benchmark indices Sensex and Nifty edged higher on Monday following gains in IT, energy and auto stocks amid a firm trend in European markets.

Mumbai: Benchmark indices Sensex and Nifty edged higher on Monday following gains in IT, energy and auto stocks amid a firm trend in European markets. In a largely range-bound session, the 30-share BSE Sensex ended 85.88 points or 0.14 per cent higher at 61,308.91. As many as 19 of Sensex stocks advanced while 11 declined. The broader NSE Nifty rose by 52.35 points or 0.29 per cent to 18,308.10 points as 34 of its components advanced. Nifty opened flat, fell in the early trade and kept bouncing up from intraday falls before closing in the green.

"In a week guided by the release of various corporate earnings, domestic indices edged higher on a flat note led by consumer durables, energy and auto stocks. Asian markets were largely mixed post the release of China's 4th quarter GDP data reporting an expansion of 4 per cent YoY as Covid restrictions and property woes hit demand. Rising Covid cases globally continue to colour investor sentiments," said Vinod Nair, head (research) at Geojit Financial Services.

Narendra Solanki, head (equity research-fundamental), Anand Rathi Shares & Stock Brokers, adds that "during the afternoon session, markets showed some strength and traded in positive territory as traders were getting relief, as foreign portfolio investors (FPIs) reversed the three-month selling streak in January by investing a net Rs 3,117 crore in Indian markets."

"Auto stocks shined in a flat trading session on the back of price hikes, thrust on electric vehicles and ETF launches in the sector as the basket of stocks posted smart gains. The Commodity Index provided good support in afternoon trade buoyed by earnings," S Ranganathan, head (research) at LKP Securities, said.

Ultratech Cement was the top gainer in the Sensex pack, surging by nearly 3 per cent. The cement major announced nearly 8 per cent growth in its third-quarter net profit at Rs 1,710.14 crore. It also announced a capex plan of Rs 965 crore for its modernisation and to almost double the production capacity of its white cement brand Birla White. Mahindra & Mahindra rose by 2.19 per cent, Maruti Suzuki by 2.08 per cent, Tata Steel by 1.35 per cent, TCS by 1.26 per cent, L&T by 1.2 per cent, SBI by 1.14 per cent and HUL by 1.04 per cent.

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