The benchmark equity indices settled higher in volatile trade on Monday with value buying in select sectors helping markets recover from early losses.
Snapping its three-day decline, the Sensex jumped 650.39 points, or 0.79 percent, to close at 83,277.15. The Nifty advanced 211.65 points, or 0.83 percent, to settle at 25,682.75.
Kwality Wall's (India), Power Grid Corporation of India and Coal India were among the top gainers in the Nifty50 pack, rising up to 5 percent, while Infosys and Tech Mahindra declined up to 2 percent.
1) Value buying: Investors picked up beaten-down stocks, with buying interest seen in realty, pharma and FMCG shares. On Friday, the Sensex had tumbled 1,048.16 points to close at 82,626.76, while the Nifty plunged 336.10 points to settle at 25,471.10.
2) Firm global cues: Hong Kong's Hang Seng benchmark rose 0.52 percent. European markets are trading higher in mid-session deals.
3) Buying in heavyweight: A strong buying interest was seen in heavyweight stocks on Monday, including Reliance Industries, HDFC and Axis Bank.
4) Buying in bank shares: A strong buying interest was also seen in the Bank shares. Nifty Bank was up 1.2 percent.
Anand James, Chief Market Strategist at Geojit Investments, said momentum could drag the Nifty towards the 25,270–25,215 region, while support near 25,450 could allow recovery. He added that a move above 25,530 would be required to signal a reversal.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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