INSUBCONTINENT EXCLUSIVE:
NEW DELHI: Indian stock market extended gains for a sixth straight session on Monday, despite profit booking at higher levels, as respite
over trade war truce between the US and China were offset by jump in crude oil prices.
The stocks witnessed an early morning euphoria,
The BSE Sensex, however, closed up just 46.70 points, or 0.13%per cent, at 36,241 as market sentiment took a hit from a sharp surge in
crude oil prices and depreciation in the rupee against the US dollar
NSE Nifty, meanwhile, advanced 7 points or 0.06% per cent to 10,883.75.
Of the Sensex 30-stock pack, 20 scrips ended in the green and 10
Sun Pharma turned out to be the biggest loser, down 7.52 per cent, followed by MM, Hero MotoCorp, Reliance, ITC and HDFC.
YES Bank, for the
second consecutive day, topped the leaderboard, up 4.92%, followed by HUL, Vedanta
Bharti Airtel, NTPC and Power grid.
On the other hand, on the Nifty, 20 stocks declined while 30 advanced
Broader markets BSE Midcap and Smallcap indices ended in the green, with a gain of 0.46 per cent each.
In the BSE sectoral landscape,
healthcare, energy, auto and capital goods all traded in the red
The healthcare was the worst hit, down 1.21%
Also, BSE utilities bagged the maximum gains by rising 2.66 per cent.
Below are some of the factors that moved the market on Monday:Rupee
depreciationThe rupee depreciated amid strengthening dollar against currencies overseas
At 4.30 pm, the domestic currency was trading at 70.36, down 78 paise.
Crude on the boilOil prices rallied 5 percent on Monday after the US
and China consented to a 90-day ceasefire in their exchange war, and ahead of the Opec meet this week that may lead to a supply cut
Brent crude oil futures were up $2.89 per barrel, or 4.9 percent, at $62.35 a barrel, while WTI crude futures were at $53.41 per barrel , up
$2.48 per barrel, or 4.9 percent.
Bullish global cuesStock markets worldwide rejoiced US-China truce
MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.8 per cent
China's CSI300 index of Shanghai and Shenzhen shares surged 2.6 per cent
In Japan, the Nikkei was up 1.3 per cent to a six-week high
rate expectations also kept the market sentiment mixed and investors cautious
Experts are of the view that the RBI may not change the benchmark lending rate (repo) despite moderation in economic growth and easing
Expert speakWe've a list of important events and data lined up ahead so volatility is likely to remain high
We advise keeping cautiously optimistic approach and focusing on stock selection
In case of any decline, Nifty would find support around 10,750 and the next major hurdle is at 11,100- Jayant Manglik, President, Religare
