Positive start to the week as Sensex gains 154 points, Nifty rises 0.5%

Mumbai: A benchmark index of Indian equities markets rebounded after last week’s sloppy trade, making healthy gains in Monday’s session. It closed up 154 points or 0.57 percent. Tracking the positive cues from the global front, the Indian markets opened higher. Nifty crossed its psychological support of 8,250 points on the back of buying seen in the heavyweight stocks.  All the sector-based indices of the S&P Bombay Stock Exchange (BSE) made gains, except the banking stocks. The rally was led by auto, metal, healthcare, consumer durables and capital goods. The 30-scrip Sensitive Index (Sensex) of the S&P BSE, which opened at 27,266.49 points, closed at 27,395.73 points, up 153.95 points or 0.57 percent from the previous day’s close at 27,241.78 points. The Sensex touched a high of 27,507.25 points and a low of 27,266.49 points in the intra-day trade. “The possibility to pass ordinance in land acquisition and mining act are an added surprise for India market. It brings a possibility to have a stronger backbone for coming budget, and secondly, increase capital investment by Indian corporates,” said Vinod Nair, head-fundamental research, Geojit BNP Paribas Financial Services. “Till date corporates are awaiting to see better reforms from the government and a better domestic economy. Keeping aside global issues, this domestic aspect will be an important factor for near to long-term performance of India.” Metal stocks were up on the recent reports that the government may issue the mining ordinance early this week. Indications that land acquisition bill may undergo changes by the government made the infrastructure stocks to rise. The S&P auto index surged by 277.34 points, metal index increased by 248.90 points, healthcare index got augmented by 125 points, consumer durables index was up 95.17 points and capital goods index went higher by 83.83 points. However, banking stocks were down 31.58 points. The wider 50-scrip Nifty of the National Stock Exchange (NSE) also made gains in the day’s trade. It ended 45.60 points or 0.56 percent up at 8,246.30 points. The major Sensex gainers were: Sesa Sterlite, up 3.81 percent at Rs 215.30; Hindalco Inds, up 3.22 percent at Rs 157.10; Coal India, up 2.22 percent at RS 386.25; Tata Motors, up 2.04 percent at Rs 494.95; and Hero MotoCorp, up 1.86 percent at Rs 3,155. The major Sensex losers were: Bharti Airtel, down 0.80 percent at Rs 351.60; ICICI Bank, down 0.46 percent at RS 349.40; Mahindra and Mahindra, down 0.27 points at Rs 1,251.60; Axis Bank, down 0.21 percent at RS 494; and State Bank of India, down 0.08 percent at Rs 307.40. IANS