Market at record high! Nifty settles above 19,700, Sensex gains 529 points; SBI, Wipro rise 3%; Route Mobile tanks 9%

Bulls continued to dominate Dalal Street as benchmark equity indices continued to extend their gains. Headline indices hit new record highs on the back of upbeat earnings, buying in index heavyweights and positive global cues. Nifty headline index Nifty50 hit 19,700 for the first time, while BSE's barometer Sensex settled above 66,500-mark.

For the day, the 30-share pack BSE Sensex gained 529.03 points, or 0.80 per cent, to close at 66,589.93, while NSE's Nifty50 gained 146.95 points, or 0.75 per cent, to end the session at 19,711.45. BSE smallcap index gained about a per cent, while midcap index also ended with gains. However, fear gauge India VIX spiked about 6 per cent to 11.32-levels.

Markets were in sublime form as benchmark indices scaled fresh peaks on the back of a rally in banking stocks after HDFC Bank announced better-than-expected Q1 results. Most of the corporate results announced so far have more or less met expectations, which shows the improving health of the economy, said Shrikant Chouhan, Head of Research (Retail), Kotak Securities.

 
"The Nifty has formed a bullish candle on daily charts and has also formed a breakout continuation formation on intraday charts. While the market is bullish, it is in an overbought and hence traders may prefer to book some profits at higher levels. For the trend following traders, 19,600 would be the sacrosanct support level, above which the index could rally till 17,800-17,825. On the flip side, below 19,600, the uptrend would be vulnerable," he added.

Barring the Nifty auto and realty indices all other sectoral barometers ended the session with gains. Nifty media index surged more than 3 per cent, while the Nifty PSU bank index gained more than 2 per cent. Nifty financial services and private bank indices added more than per cent each for the day.

In the Nifty50 pack, State Bank of India topped the gainers, rising more than 3 per cent, followed by Wipro and Dr Reddy's Laboratories, which rose 3 per cent, each. Grasim, HDFC Bank and Reliance Industries advanced 2 per cent, each, for the day, while Kotak Mahindra Bank, ICICI Bank, Adani Enterprises and IndusInd Bank were other key gainers.

Among the losers, ONGC dropped more than 2 per cent as Windfall gains tax made its comeback. Hero MotoCorp declined more than a per cent, while Tata Motors, Titan Company, Bharti Airtel, Tata Consultancy Services and JSW Steel shed about a per cent each for the day.

Despite the mixed performance observed in the Asian market due to China's underwhelming GDP data, the Indian market exhibited resilience, in anticipation of a bumper Q1 result, said Vinod Nair, Head of Research at Geojit Financial Services.

"Nifty50's Q1 consolidated PAT is projected to grow by more than 20% YoY, which can upgrade the full year earnings growth of FY24. Small caps outperformed as comparatively valuations are attractive trading below the long-term average compared to large and mid-caps," he added.

A total of 3,856 shares were traded on BSE on Monday, of which 2,075 settled with gains. 1,597 stocks ended the session with cuts while 184 shares remained unchanged. A total of 261 shares hit their upper circuit, whereas 266 shares tested the lower circuit levels for the day.

In the broader markets, FCS Software Solutions surged 20 per cent, while Precision Camshafts gained more than 19 per cent. GTPL Hathway and Sterling and Wilson Renewable Energy gained 16 per cent each. Venky's rose 15 per cent, while DCM Shriram Industries ended 14 per cent up for the day.

Among the losers, Datamatics Global Services plunged more than 19 per cent, while Route Mobile plunged 9 per cent amid the sale buzz. Angel One tumbled 8 per cent, while CCL Products India settled 7 per cent each. Faze Three tanked 6 per cent for the day.

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