New Delhi: India’s key equity index, Sensex, extended its rally from the previous week and traded marginally higher during the early session on Monday.
At 9.44 a.m., Sensex was 0.2 per cent or 91 points up at 55,642 points. However, Nifty was 0.03 per cent or just 5 points down at 16,625 points.
Among the stocks, Infosys, HDFC Bank, Tech Mahindra, State Bank of India, and Wipro were the top five gainers among the Nifty 50 companies, while Tata Motors, IOC, Eicher Motors, Hindustan Unilever, Bajaj Auto were the top five losers, NSE data showed.
“There are two significant trends in the market now: One, FPI selling has come down significantly; two there is value buying in the mid-and small-cap segment. Quality stocks with earnings visibility in the broader market are attracting investment from mutual funds and retail investors,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Global crude oil prices retreating from the higher levels also supported the sentiment.
“The decline in crude from the recent high of $140 to below $110 and declining trends in most metal prices indicate that the feared high inflation may not materialize,” Vijayakumar said.
–IANS