Nifty, Sensex Continues to Head Higher - Monday Closing Report
Moneylife Digital Team 18 October 2021
Indian stock market ended Monday higher for the seventh day in a row. The 50-share NSE Nifty 50 ended the day up 0.8% at 18,450 points, while the S&P BSE benchmark Sensex closed 460 points higher at 61,765 points. Bank and IT stocks were the top contributors in today trading. The current bull run became the longest winning streak for the equity market since 31st August. 
 
Bank and IT stocks were the top contributors in today trading. Infosys and Tech Mahindra were among the main gainers, followed by ICICI Bank, ITC, Tata Consultancy Services (TCS) and Axis Bank. Among the laggards were HDFC Bank, HCL Technologies, Asian Paints, Mahindra & Mahindra, and Bharti Airtel.
 
Overall the market was buoyant, with midcap and small-cap stocks also clocking stellar gains. The two indices -- S&P BSE Sensex and NSE Nifty50 -- had a gap-up opening and held on to their gains encouraged by healthy quarterly results. 
 
Healthy buying in metals and IT sectors' counters buoyed India's equity market today. In the process, S&P BSE Sensex made an intraday high of 61,963.07 points, and the NSE Nifty50 touched 18,543.15 points.  At close, the Sensex was up 459.64 points, or 0.75%, at 61,765.59 and the Nifty was up 138.50 points, at 18,477. Among the sectoral indices, all sectoral indices ended in the green. The only sector index to fall was Nifty pharma.
 
Among sectoral indices on NSE, the Nifty PSU Bank surged 3.98%, led by Union Bank of India, Punjab National Bank (PNB) and Bank of Baroda. The Nifty IT index too rose 1.57%, driven by gains in Infosys and Tech Mahindra. 
 
On the domestic front, volumes on the NSE crossed Rs1 lakh crore mark, power, metals, and IT were the prominent sectoral gainers, whereas healthcare and telecom were the main losers. 
 
In the previous session on 14th October, the 30-share Sensex settled 568.90 points or 0.94% higher at 61,305.95, and the Nifty had surged 176.80 points or 0.97% to a new lifetime closing high of 18,338.55. Globally, Asian markets were largely down following inflation worries due to surging energy prices and slowing growth in China. Similarly, European markets headed lower on Monday morning in London, compounding jitters following GDP data in China that missed expectations.

 

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