MUMBAI– Indian equity benchmarks closed modestly higher on Monday, lifted by gains in auto and metal stocks, though a late-session sell-off in IT names trimmed early momentum.
The Sensex ended at 80,787.30, up 76.54 points or 0.09 percent. The 30-share index opened higher at 80,904.40 against the previous close of 80,710.76, driven by optimism around GST reforms, easing India–U.S. trade concerns, and price cuts announced by automakers. The Sensex climbed nearly 400 points to hit an intraday high of 81,171.38 before retreating.
The Nifty 50 finished at 24,773.15, up 32.15 points or 0.13 percent.
“The domestic market failed to sustain its early gains as a late-session sell-off reflected the prevailing ‘buy-on-dips, sell-on-rallies’ strategy, highlighting investor caution,” said Vinod Nair, Head of Research at Geojit Financial Services.
Auto and ancillary shares extended their rally on expectations of stronger demand following GST rate cuts, while IT stocks lagged due to global uncertainty. Global sentiment improved after softer U.S. jobs data bolstered hopes of a Federal Reserve rate cut in September, Nair added.
Among the top Sensex gainers were Tata Motors, Mahindra & Mahindra, Adani Airports, Bajaj Finserv, Ultratech Cement, Tata Steel, HDFC Bank and BEL. On the losing side were Trent, Asian Paints, HCL Tech, Tech Mahindra, PowerGrid, TCS, Sun Pharma, L&T, NTPC and Bharti Airtel.
Most sectoral indices ended in positive territory. Nifty Auto surged 868.60 points, or 3.30 percent, while Nifty Financial Services rose 53 points, or 0.21 percent, and Nifty Bank added 72 points, or 0.13 percent. Nifty IT slipped 325 points, or 0.94 percent, on persistent selling pressure.
The broader market also moved higher, with Nifty Smallcap 100 up 29 points (0.16 percent), Nifty Midcap 100 gaining 285 points (0.50 percent), and Nifty 100 rising 45 points (0.18 percent). (Source: IANS)
