Nifty and Sensex rise, driven by increases in metal stocks
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Summary: Except for a measure of FMCG shares, all 13 major sector indicators reported by the National Stock Exchange were trading higher, indicating buying across all sectors.
Monday saw a little increase in the benchmarks for Indian equities, driven by increases in major metal producers including Hindalco, Tata Steel, and JSW Steel. The Nifty 50 index gained 55 points to reach an intraday high of 25,411.60, while the Sensex increased by 181 points to reach an intraday high of 83,071.86.
The Nifty 50 index increased 40 points to 25,396 and the Sensex gained 106 points to 82,997 as of 9:20 a.m.
Due to the holiday, most Asian markets were closed on Monday. Australian stocks increased by 0.45%, while the Hang Seng in Hong Kong decreased by 0.51%.
On Friday, interest rate-sensitive small-cap companies beat Wall Street's main indexes as investors reassessed their chances of a bigger Federal Reserve interest rate decrease the following week.
According to CME's FedWatch Tool, traders' bets on a 50 basis point rate drop increased from 28% to 47% on Thursday after former New York Fed President Bill Dudley stated late Thursday that there was a compelling case for a 50 basis interest rate cut.
In India, purchasing was evident in all sectors as the Nifty Metal index, which gained 1%, led the way in higher trade for all 13 of the major sector gauges compiled by the National Stock Exchange, except for the measure of FMCG shares. Additionally, the Nifty PSU Bank, Consumer Durables, Oil & Gas, and Media indices all had increases of about 0.5%.
Small- and mid-cap stocks did better than their larger counterparts, as seen by the 0.4% increase in the Nifty Smallcap 100 index and the 0.5% increase in the Nifty Midcap 100 index.
The highest Nifty gainer was Hindalco, whose shares increased 1.52 percent to Rs 683. Moreover, there were increases of between 0.4 and 1.4% for Adani Enterprises, NTPC, Axis Bank, Tata Steel, Kotak Mahindra Bank, JSW Steel, Grasim, Larsen & Toubro, and Bajaj Finance.
On the other hand, the entities that suffered losses were Hindustan Unilever, Britannia, Hero MotoCorp, Nestle, Bajaj Auto, SBI Life, LTI Mindtree, and Divi's Labs.
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