Domestic equity markets rose in tandem with global peers even as Brent crude prices went past the $120/barrel-mark. The S&P BSE Sensex held on to its gains as it ended 1,041 points or 1.9 per cent, higher at 55,926. The Nifty50, too, surpassed the crucial 16,650-mark to end at 16,661, up 309 points or 1.89 per cent. Domestic stocks saw their market value rising Rs 4.4 lakh crore in Monday’s trade, as investors tracked Friday’s surge in US stocks amid hopes of inflation peaking soon.
Top Losers & Gainers
Among individual stocks, Titan, Infosys, M&M, L&T, Reliance Industries, HCL Tech, TCS, and Tech M were the lead gainers, rallying between 3 per cent and 5 per cent. Ultratech Cement, Bajaj Finance, Wipro, Bharti Airtel, and HDFC, meanwhile, added over 1.5 per cent each.
Broader Markets
The broader BSE MidCap and SmallCap indices also climbed over 2 per cent each. In the mid- and small-cap space, 3M India, Jubilant FoodWorks, IRCTC, Crompton Greaves, Ashoka Buildcon, Technicraft Industries, and Unichem Labs were the outperformers. Sectorally, the Nifty IT and Realty indices advanced 4 per cent each; the Nifty PSU Bank index 3.3 per cent; and the Nifty Auto index 2 per cent.
“All the sectors ended in the green with IT, reality and oil & gas indices rose 2-3 percent each. Indian markets are reacting to China’s easing of Covid restrictions in Shanghai and Bejing and US Fed’s minutes from the early May meeting with expectation of a potential pause in interest rate hikes later this year. On the technical front, the key resistance levels for Nifty50 are 16800 and on the downside 16400 can act as strong support. Key resistance and support levels for Bank Nifty are 36200 and 35600 respectively,” Nigam said.
Listing Alert
Shares of Ethos ended at Rs 802 per share, down 8.6 per cent as against its issue price of Rs 878, on the BSE. Amarjeet S Maurya of Angle One Ltd. said, “Ethos has a healthy market share in total retail sales in the premium and luxury segment. Further Ethos has strong brands and a wide range of products but we believe that these positives are captured in the current valuations which leaves little room for upside.”
Mohit Nigam, Hem Securities, said: “The company’s negative listing can be attributed to the rich pricing and current market sentiments. Ethos is of the largest sellers of luxury watches in India having a strong customer base. However, high valuations, inventory heavy operations have made it a suitable investment opportunity for long-term investors.”
European Shares Rise
European shares scaled over three-week highs on Monday as new stimulus in China helped carry on last week’s optimism, while investors looked for more economic data this week, including German inflation. Authorities in China’s commercial hub of Shanghai will cancel many conditions for businesses to resume work from Wednesday, easing a city-wide COVID-19 lockdown. Shanghai officials have also announced an action plan to boost the economy, keeping up hopes of growth and demand from the world’s second largest economy. The pan-European STOXX 600 index rose 0.6% with broad-based gains led by technology stocks.
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