Indices snap 3-day losing run amid firm global cues; Sensex up 326 pts

Equity indices found their feet on Monday after a three-session losing streak as investors snapped up banking, fast-moving consumer goods (FMCG), and information technology (IT) stocks amid a positive trend overseas. However, a lacklustre rupee and unabated foreign fund outflows capped gains.

Overcoming a choppy start, the 30-share BSE Sensex gained momentum as the session progressed to close 326.84 points, or 0.62 per cent, higher at 53,234.77.

Similarly, the broader NSE Nifty rose 83.3 points, or 0.53 per cent, to 15,835.35.

Hindustan Unilever topped the Sensex gainers chart with a leap of 4.03 per cent, followed by IndusInd Bank, ITC, ICICI Bank, PowerGrid, Axis Bank, and State Bank of India.

In contrast, Tata Consultancy Services, Tata Steel, Mahindra & Mahindra, Dr Reddy’s, Tech Mahindra, and Wipro closed with losses of up to 2.46 per cent.

The market breadth was in favour of the bulls, with 24 of the 30 Sensex counters logging gains.

Vinod Nair, head of research at Geojit Financial Services, said, “The prime focus of the market will turn towards quarterly numbers and updated guidance for the new financial year.”

In the broader market, the BSE MidCap gauge gained 0.82 per cent; the SmallCap index climbed 0.59 per cent.

Among BSE sectoral indices, FMCG gained the most by 2.49 per cent, followed by bankex (1.08 per cent), capital goods (0.97 per cent), consumer durables (0.82 per cent), and industrials (0.74 per cent). Energy, health care, IT, auto, metal, oil and gas, and teck were the laggards.

Global markets began the second half on a firm note, despite overhanging concerns about inflation, economic recovery, and rate hikes by central banks.