With renewed buying in stocks, especially in sectors such as oil and gas, consumer durables, power and FMCG, the key benchmark indices, on Monday, gained over 1.3 per cent to close at higher levels. The BSE Sensex closed with a gain of 363 points at 27687 while the broader NSE Nifty closed at 8374 points, up 111 points.
The top Sensex gainers included Dr Reddy, GAIL, Tata Power, HDFC, HDFC Bank and Reliance Industries.
The top Nifty gainers included ZEEL, Dr Reddy, GAIL, BPCL and UltraTech Cement. Other than realty, all sectoral indices gained and contributed to the recovery process.
“The sentiments were on optimistic note in response to the government statement that it has contained the fiscal deficit at four per cent of the GDP for 2014-15, bettering its own financial target,” said Jayant Manglik, President Retail Distribution, Religare Securities Ltd.
He said the recent technical rebound in index was in line with expectations. “However, sustainability seems difficult above 8500 in Nifty,” he added.
Rupee weakens 21 paise
Breaking a three-day winning spree, the Indian rupee turned weak following demand of dollar from importers but buying in stocks prevented further losses.
The rupee finally closed at 63.72 as compared to Friday’s close of 63.51, down 21 paise against the dollar.
The 10-year government bond yield closed at 7.90 per cent, down five basis points.