Key benchmark indices saw a better-than-expected start and opened with nominal gains on Monday
Sensex Today: Key benchmark indices saw a better-than-expected start and opened with nominal gains on Monday tracking gains elsewhere in Asia. The BSE Sensex rose 270 points to 65,495, and the NSE Nifty50 moved 63 points higher to 19,395.
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Reliance led gains on the Sensex, rising over 3 per cent, followed by Tata Motors, M&M, Asian Paints and Maruti. Bajaj Auto and HDFC Life were the other top Nifty winners.
On the flip side, HCL Tech, Titan, Power Grid, Bajaj Finance, Tech M and TCS were the top frontline losers.
The broader markets were mixed. The BSE MidCap index fell 0.10 per cent while the SmallCap index was up 0.15 per cent.
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Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “After the recent surge that took the benchmark indices to new highs, the market is likely to move to a consolidation mode. The latest US non-farm jobs data (2.09 lakh jobs created in June) shows that the labour market is cooling off. But since core inflation remains sticky around 5% the Fed is likely to raise rates by 25bp on 26th July. Anticipating this, bond yields have moved up with the 10-year yield above 4%. This macro construct will restrain the ongoing rally in the mother market,and this will have its impact on the Indian market,too. Moreover, DIIs have emerged as major sellers during the last 2 trading sessions with cumulative selling of Rs 5316 crores. At lower levels FIIs may again buy aggressively since India continues to be a consensus favourite destination for FIIs. In brief, the market is likely to move into a consolidation phase. Financials will support the market during dips since the Q1 results will be good and valuations are reasonable.”
