The domestic market gained on Monday as trade war fears retreated across markers. The Sensex rose 161.57 points, or 0.48 per cent, to settle at 33,788, while the Nifty-50 rose 47.75 points, or 0.46 per cent to close at 10,379. The BSE Mid-Cap and Small-Cap indices underperformed the Sensex, making marginal gains.
The market breadth was positive as 1,654 shares rose and 1,069 shares fell.
Among the sectoral indices, the BSE Oil & Gas (up 1.52 per cent), Consumer Durables (1.7) and FMCG (1.15) outperformed the Sensex.
Sameet Chavan, chief analyst-technical & derivatives, Angel Broking, said: “Due to continuous profit booking, the index could not precisely test the 10,400 mark…We did see stock-specific moves in both directions, which we believe is likely to continue as the index is now approaching the important resistance zone of 10,400-10,450. On the downside, 10,350-10,322 would be seen as important support levels.
“If we look at the weekly and monthly charts, we still believe that the worst is not over for the market. This is just a relief rally and hence, one needs to keep booking timely profits and ideally should stay light on positions.”
Mustafa Nadeem, CEO, Epic Research:
Nifty ends up for the third consecutive day and started the week on a positive note. The Bank Nifty added almost a percent as dark cloud clusters fade away, with buying in private banks. The global trade war fears faded along with positive cues from the US market and a higher open for European markets.