The equity market ended higher for the third straight session on Monday amid positive global cues.
Sensex rallied 1,041.08 points or 1.90 per cent to end at 55,925.74. During the day, it gained 1,197.99 points or 2.18 per cent to 56,082.65. Nifty jumped 308.95 points or 1.89 per cent to close at 16,661.40.
Of 30 Sensex stocks, 26 ended higher. BSE mid-cap and small-cap indices gained 513 points and 570 points, respectively. Titan, M&M, Infosys, Larsen & Toubro, Tech Mahindra, HCL Technologies, TCS, Reliance Industries and UltraTech Cement were the top Sensex gainers, rising up to 4.94 per cent.
Kotak Mahindra Bank, Sun Pharma, Dr Reddy's and ITC were the only Sensex losers, falling up to 2.23 per cent.
Market cap of BSE-listed firms climbed Rs 5.34 lakh crore to Rs 258.47 lakh crore on Monday against Rs 253.13 lakh crore in the previous session.
Experts said in the short term, the texture of the market has turned positive from negative.
Here's a look at what else they said about the direction the market is likely to take today.
Nagaraj Shetti, Technical Research Analyst, HDFC Securities said ,"A long bull candle was formed on the daily chart with gap up opening. Technically, this action indicates an upside breakout of the consolidation pattern at 16400 levels. This is a positive indication and signals more upside for the short term. The sharp upside bounces after minor consolidation over the last two weeks, formation of higher bottoms and slowing down of sharp weakness are all pointing towards a probable bottom reversal for the Nifty at the swing low of 15735-12th May. As per this pattern, any downward corrections from here is going to be short lived and could be a buy on dips opportunity for the near term. The next upside levels to be watched at 16,900-17,000 levels."
Vinod Nair, Head of Research at Geojit Financial Services said, "A near-term trend reversal is visible in the domestic market, supported by valuation comfort and positive trend in the global counterparts. US Stocks were boosted on softening inflation worries which will be a crucial factor in deciding the tone of the upcoming Fed policy meeting. The easing of long-running lockdown in China also helped in lifting the sentiments across Asian markets. The market is expected to have a positive run in the near term; however, the impact of central bank policies will be a key factor to be monitored."
Mohit Nigam, Head - PMS, Hem Securities said, "On the technical front, the key resistance levels for Nifty50 are 16,800 and on the downside 16,400 can act as strong support. Key resistance and support levels for Bank Nifty are 36,200 and 35,600 respectively."
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