Hopes of normal monsoon boosts market sentiment

New Delhi: Nifty made strong gains on Monday as the market sentiment was boosted by hopes of a normal monsoon and better-than-expected direct tax collections.

Nifty opened higher and maintained its strength throughout the session to close at the day’s high with gains of 189 points at 22,336 levels, said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

“On the domestic front, the hope of normal monsoon and above expected direct tax collection added fuel to the market sentiment,” he added.

Majority sectors ended in green with PSU Banks rallying 3 per cent, followed by consumer durables. PSU Banks witnessed fresh buying on the day following reports that the Centre may disinvest minority stakes in five public sector banks (PSBs) if they fail to comply with the minimum public shareholding (MPS) norm by raising fresh capital from the market in a year, he said.

Capital goods, pharma, auto and fertilizer stocks were other major gainers. Positive global cues provided support to the market as the tensions eased out a little in the Middle East, while China left its prime lending rate untouched. Oil prices too have eased off to $86 following reduced geopolitical tension and expectation of OPEC to increase oil production, Khemka added.

This week, the US will be releasing GDP and core PCE data which will provide direction to the market while stock-specific actions will be seen in the earnings season, he said.

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said that the Bank Nifty index exhibited continued bullish strength as it witnessed follow-up buying from lower levels. Currently, it is approaching a crucial resistance level around 48000, marked by the highest open interest on the call side.

IANS

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