Mumbai– Global cues along with healthy quarterly results as well as macroeconomic data lifted key Indian equity indices on Monday.
Accordingly, both the key equity indices – S&P BSE Sensex and NSE Nifty50 – gained over 1 per cent during the day’s trade session.
Besides, data points such as IHS Markit India Manufacturing Purchasing Managers’ Index and Goods and Service Tax (GST) collections for October indicated a strengthening of economic recovery.
Globally, Asian markets ended mixed while European markets rose amid earnings surprises and optimism that the recovery in the world’s largest economy is on track.
On the domestic front, Realty, Metals, Telecom and IT indices rose the most.
Consequently, the 30-scrip Sensex closed at 60,138.46 points, up 831.53 points or 1.40 per cent.
Besides, the NSE Nifty50 ended the day’s trade at 17,929.65 points, higher by 258 points or 1.46 per cent.
“Nifty has smartly bounced up taking even the broader markets higher,” HDFC Securities’ Head of Retail Research, Deepak Jasani, said.
“18,033-18,098 is the next band of resistance while 17,799 is the support.”
According to Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services: “Today’s rally provided relief to the investors post recent sell-off. Good earnings season and strong macro data uplifted confidence with regard to economic recovery.”
“Corporate commentaries continue to remain upbeat, with managements across sectors alluding to strong demand trends. With the economic cycle picking up, we expect the corporate earnings growth to revive which has been lacking for many years now.”
In addition, Vinod Nair, Head of Research at Geojit Financial Services: “Domestic indices bounced back on a positive footing from the recent sell-off, due to strong momentum in global markets, favourable domestic economic data and good Q2 results announcement.”
“The sustenance of the trend will depend on the views provided by US Fed regarding the current easy money policy to be announced on Wednesday.” (IANS)
