Sensex rises over 250 points, Nifty tops 19,900; IRCON, IRFC jump up to 14%; Coffee Day dives 17%

Indian equity benchmarks traded higher in Monday's early trade, led by gains in bank, financial, automobile, consumer durables and pharma stocks. The 30-share BSE Sensex pack rose 265 points or 0.40 per cent to trade at 66,864, while the NSE Nifty moved 87 points or 0.44 per cent up to trade at 19,907. Broader market (mid- and small-cap) shares were positive as Nifty Midcap 100 climbed 0.64 per cent and small-cap gained 1.29 per cent.

On the global front, Asian markets slipped today. Wall Street indices settled a tad higher on Friday.

Back home, investors await retail inflation print for August and industrial output figures for July, due on Tuesday.

Foreign institutional investors (FIIs) sold Rs 224 crore of shares on a net basis during the previous session, while domestic institutional investors (DIIs) bought Rs 1,150 crore of stocks, exchange data showed.

"Large FII selling may re-emerge at higher levels. The market is ignoring worries arising out of crude at $90. Some profit booking in small-caps is advisable. Now, safety is in quality large-caps," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

14 out of the 15 sector gauges -- compiled by the NSE -- were trading in the green. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty Auto, Nifty Consumer Durables and Nifty Pharma were outperforming the NSE platform by rising as much as 0.45 per cent, 0.50 per cent, 0.69 per cent, 0.47 per cent and 0.46 per cent, respectively. However, Nifty Consumer Durables shed 0.07 per cent.

On the stock-specific front, Adani Ports was the top gainer in the Nifty pack as the stock jumped 3.15 per cent to trade at Rs 851. Apollo Hospitals, Adani Enterprises, HCL Tech and Dr Reddy's gained up to 1.75 per cent.

In contrast, Coal India, IndusInd Bank, Cipla, Eicher Motors and Bharti Airtel were among the top laggards.

The overall market breadth was positive as 2,049 shares were advancing while 954 were declining on BSE.

On the 30-share BSE index, index heavyweights such as Reliance Industries, Tata Consultancy Services (TCS), L&T, SBI, HCL Tech and HDFC Bank were among the top gainers.

Also, IRCON International, Praj Industries, IRFC, GTL Infrastructure, RVNL, SJVN, Religare Enterprises and Infibeam Avenues Mazagon surged up to 14.39 per cent. On the flipside, Coffee Day Enterprises, Natco Pharma, BHEL, Shyam Metallics, Kajaria Ceramics and Bombay Bumrah Trading slipped up to 16.86 per cent.

On Friday, Sensex had jumped 333 points or 0.50 per cent to settle at 66,599, while Nifty had gained 93 points or 0.47 per cent to close at 19,820.

 

Nifty outlook

 

"Two days of consistent close above the upper Bollinger band raises prospects of consolidation. If unable to float above 19,820-19,790, expect indecisiveness, but a collapse is ruled out until 19,700-19,600 marks hold. Towards this end, we will go in today with modest upside objectives of 19,900-20,050, before playing yet another range expansion," said Anand James, Chief Market Strategist at Geojit Financial Services.

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