1. Market
  2. Equity
  3. Equity

Marvelous Monday...Sensex, Nifty up 2%

India Infoline News Service | Mumbai |

The Sensex and Nifty managed to recoup almost 60% of last week’s losses in two sessions.

It was a day of stellar gains as the Indian equity market extended the momentum for the second trading session on Monday. The NSE Nifty and the BSE Sensex gained over 2% each in a single trading session amid strong global cues and an extended stimulus in the US.

Sentiment also got a boost after the Indian rupee strengthened against the US Dollar and was trading at its 1-week high. The rupee was trading strong by 67 paise around the 62.44 against the dollar. Last week, RBI Governor Raghuram Rajan had assured that he will not roll back the special dollar swap window for oil companies in a hurry.

The rally was so strong that all the BSE sectoral indices ended in the positive terrain. The BSE Capital Goods and the banking index were among the top gainers, up 3% each. Followed by BSE FMCG, oil and gas and realty index up over 2% each.

Even the mid-cap and the small-cap stocks were in demand.

Finally, BSE Sensex closed at 20,860 up 461 points, while NSE Nifty closed at 6,189 up 133 points over the previous close.

Amar Ambani, Head of Research at IIFL said, “Although both WPI and CPI moved up in October, we believe inflation will peak out in the coming months. The uptick in core WPI reflects the lagged impact of Rupee depreciation and should wane in a month or two. A combination of weak demand and slowing wage growth should result in inflation moderating sharply over the next few quarters. The hikes in Repo in the last two RBI policy meets will also help matters. Having said that, we expect one more hike in Repo by 25 basis points in the next policy review.”

Barring Sesa Sterlite, Coal India, NMDC, Lupin Bajaj Auto and Cipla all the other constituents of the Nifty ended in the positive terrain. Among the top gainers were, JP Associates, L&T, ITC, HDFC Bank, Axis Bank, Ultratech Cem and Hindalco.

The advance-decline ratio favoured the bulls. On the BSE, 1401 stocks advanced against 1055 declining stocks, while 130 remained unchanged.
The INDIA VIX was down 2.2% at 18.82. It hit a day’s high of 19.55 and low of 17.48.

Stock News

Shares of Ramco Systems hit 20% upper circuit at Rs129.30 after reports stated that it will concentrate on the US market over the next two years.

Shares of Elder Pharmaceuticals rose by 5% to Rs 308 on reports that French drug maker Sanofi SA is close to acquiring the pharmaceuticals company.

Dena Bank said that it will lower its credit growth target to 16% as against 18% this fiscal, according to a media report. The public sector lender had reported 18% credit growth till March-end in the previous fiscal. The scrip was up 3% and closed at Rs56.95 on NSE.

Cox and Kings was up by 1.8% at Rs 101, after reporting a 79% yoy jump in consolidated net profit at Rs 264 crore for the quarter ended September 30, 2013.

Karnataka Bank gained 3% on reports that the bank has launched a special current & savings account campaign from 15th November to 28th February to open more than 5 lakh accounts.



  • Save upto Rs.2.67 lakh with Pradhan Mantri Awas Yojana ...Know more
  • Now Save Rs.3150 on your Demat Account ...Click here
  • Now get IIFL Personal Loan in just 8* hours...APPLY NOW!
  • Get the most detailed result analysis on the web - Real Fast!
  • Actionable & Award-Winning Research on 500 Listed Indian Companies.