RIL pushes Sensex at nearly 1-month high, Nifty above 16600 would aim for 16800; D-St up on onset of monsoon

RIL pushes Sensex at nearly 1-month high, Nifty above 16600 would aim for 16800; D-St up on onset of monsoon

Domestic equity market benchmarks BSE Sensex and NSE Nifty 50 index ended nearly 2 per cent higher on Monday, in tandem with global peers. BSE Sensex ended 1,041 points or 1.9 per cent higher at 55,925 while NSE Nifty 50 zoomed to close at 16,661. Benchmark indices ended at nearly one-month high. On S&P BSE Sensex, 26 out of 30 stocks settled in green led by gains in Titan Company, Mahindra & Mahindra (M&M), Infosys, L&T, Tech Mahindra, HCL Technologies, Reliance Industries Ltd (RIL), among others. On the flip side, Kotak Mahindra Bank, Sun Pharma, Dr Reddy’s Laboratories, ITC were the only laggards. Nifty Bank ended 0.6 per cent up.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty rose for the third consecutive session on May 30 following positive global cues due to China easing Covid curbs and sharp Friday gains on the Wall street. Some local factors helping the mood include early arrival of monsoon in Kerala raising hopes of a favourable impact on agri crops. European stocks rose on Monday after China relaxedsome of the strictest virus controls of the pandemic, fueling risk-on sentiment for economic recovery. Indian stocks were anyway due for a bounce after continuously underperforming since early April 2022. 16800-16850 level on the Nifty could be tough to breach in the near term.

S Ranganathan, Head of Research, LKP Securities

Benchmark Indices were up 2% in afternoon trade today led by IT, Auto & state owned banks buoyed by global cues, a pause in the upward trajectory of the Dollar Index and early arrival of monsoon in the state of Kerala. The broader markets too mirrored the same trend with both the midcap & smallcap indices rising 2% in today’s trade. We did witness keen interest in Footwear, QSR and Realty stocks with many of them recording smart up-moves.