Closing Bell: Sensex ends 568 points higher, Nifty above 14,500; midcaps outperform

Broader markets also surged during the day with the midcap and smallcap indices up around nearly 1.7 percent and 1.2 percent, respectively.

Indian indices ended over 1.2 percent higher on Monday, snapping two sessions of losses on the backs of broad-based buying across sectors. Metal and Financial Services stocks lifted the indices higher. Nifty Bank and Midcap index both gained over 300 points.

The Sensex ended 568 points higher at 49,008 and the Nifty gained 182 points to settle at 14,507. Broader markets also surged during the day with the midcap and smallcap indices up around nearly 1.7 percent and 1.2 percent, respectively.

On the Nifty50 index, 43 stocks closed higher, with Tata Steel, Bajaj Finserv, Hindalco, Asian Paints, Titan being the top gainers. On the other hand, Power Grid, UPL, Eicher Motors, ITC, IndusInd Bank ended in the red.

All sectors ended in the green for the day led by Nifty Metal that rose nearly 4 percent. Nifty Financial Services and Nifty FMCG were up nearly 2 percent for the day. Meanwhile, the banking, realty, auto stocks also gained more than 1 percent for the day.

Tata group stocks rose up to 6 percent after Supreme Court ruled in favor of Tatas against Mistry. The Apex Court set aside the NCLAT order restoring Cyrus Mistry as executive chairman of the Tata Group and allowed the appeals filed by Tata Group.

Among stocks, Tata Steel and Tinplate Company of India rallied 6 percent each while Tata Motors, Tata Power, and Tata Communications were up 3-5 percent. Tata Chemicals and Tata Coffee also rose around 2 percent each. However, shares of Sterling & Wilson were seen under pressure after the ruling.

Shares of Wabco India surged 20 percent on Friday as the company received a robust response for its offer-for-sale (OFS). The stock rose as much as 20 percent to its day’s high of Rs 6,777.60 per share on the BSE.

Shares of Hathway Cable and Datacom plunged 8 percent while that of Den Networks declined over 6 percent in early trade on Friday. The cable companies’ shares fell after the promoter entities of these companies announced offloading of shares via offer for sale (OFS) to comply with the minimum public shareholding norms.

AC companies gained on IMF’s forecast of higher temperature. IFB gained 11 percent and Voltas was up by 3 percent. Market breadth favors advances with the advance-decline ratio at 3:2.

Markets this week

Sensex and Nifty fell nearly 2 percent each for the second straight week. All the sectoral indices gave negative returns this week, except pharma and metal stocks. PSU, Auto, and Energy indices lost 4 percent each, and Nifty Bank and PSBs gained over 3 percent. 33 stocks on Nifty gave negative returns, with PSU companies (IOC, ONGC, and Power Grid) being the top losers. Shree Cement, Tata Steel, Asian Paints, Cipla, Dr Reddy’s were the top Nifty gainers this week.

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