Benchmark stock market indices closed higher on Monday amid a session characterized by notable volatility.
By the end of trading, the S&P BSE Sensex had advanced by 131.18 points, reaching 77,341.08, while the NSE Nifty50 saw a gain of 36.75 points, settling at 23,537.85.
Following assurances from experts that potential investigations by Sebi into Quant Mutual Funds would not adversely affect Dalal Street, all other broader market indices also concluded the session positively.
Despite initial declines, both the Nifty Bank and Nifty Financial Services indices closed in positive territory, while Nifty Auto recorded a nearly 1% increase.
Among the top performers on the Nifty50 were M&M, Power Grid, Shriram Finance, Sun Pharma, and Grasim. Conversely, IndusInd Bank, Cipla, Adani Ports, Coal India, and Tata Steel were among the top losers.
Vinod Nair, Head of Research at Geojit Financial Services, commented, “Despite a consolidative phase in the market, there is noticeable sectoral rotation into FMCG and consumer durables ahead of the budget. Improved tax revenues and RBI dividends are likely to bolster government expenditure in rural areas and tax incentives. In mid-and small-cap segments, although valuations pose challenges, investor interest remains strong in growth sectors like capital goods, infrastructure, and automotive.”
