NEW DELHI: Thanks to buying in select blue chips, the domestic equity indices managed to buck the weak trend in other Asian markets and closed with gains. After the three-day rally, the benchmark indices now trade at three-month highs.

Bajaj Group stocks were on a roll, as Bajaj Auto, Bajaj Finance and Bajaj Finserv ended the day with 5-7 per cent gains. The private bank trio of Kotak Mahindra Bank, Axis Bank and ICICI Bank were among the biggest positive contributors to the gains in Nifty and Sensex.

Analysts cautioned investors to remain watchful. “Concerns remain with regard to the increasing Covid infections and the ongoing situation with China. Investors are advised to keep a short-term outlook for the time being,” said Vinod Nair, Head of Research at Geojit Financial Services.

Here is a lowdown on what happened in Monday’s session:

IT index falls for second day

Pressured by H1-B visa concerns, Nifty IT was the only sectoral index that closed in the red on Monday. It slipped 0.25 per cent dragged by up to 2 per cent loss in Wipro, TCS, Mindtree and Infosys.


Media index gains for 6th day


Thanks to non-stop buying in select media stocks, Nifty Media index advanced for the sixth straight session. The index gained 2.13 per cent as DB Corp, Network18, Dish TV, PVR and TV18 Broadcast rose 2-9 per cent.

Muthoot’s winning streak broken

Muthoot Finance’s four-day gaining streak, which started after the company surprised with stellar March quarter earnings, finally came to an end. The stock dropped 0.62 per cent to end at Rs 1,171 on BSE.

Glenmark posts biggest gain

Shares of Glenmark Pharmaceuticals zoomed 27 per cent to Rs 519.80, posting the biggest ever single-day gain in history, after the company launched a Covid-19 drug that is said to improve recovery time in mild cases.


Insider trading: MCFL, IIB


Promoters of IndusInd Bank bought further 1.39 lakh shares as part of their plan to increase stake in the lender. The stock gained 1.16 per cent following the transaction ending the day at Rs 489.85. A promoter group entity of Mangalore Chemicals and Fertilisers bought 16.15 lakh shares, following which the stock fell 0.68 per cent to Rs 36.40.


Stocks @52-week highs


As many as 133 stocks kissed their 52-week high levels during the session. They included Adani Green Energy, APL, Cipla, Dixon Tech, Glenmark Pharma, Infibeam Avenues, Reliance Industries, TV18 Broadcast and JB Chemicals and Pharma, among others.

Stocks that hit upper circuits

Nearly 600 stocks hit the upper circuit on Monday. They included South Indian Bank, IFCI, Credit Access Grameen, Quess corps, Adani Green Energy, Delta Corps, AU Small Finance Bank, Future Retail, Reliance Capital, Indiabulls Real Estate and Infibeam Avenues, among others.

Where is Nifty headed?

Positive sequential movement like higher tops and bottoms is intact and presently Nifty is moving towards the area of new higher top. Still, there was no confirmation of any reversal pattern at the highs, analysts said. “Nifty’s short-term trend is intact. A sustainable move above 10,350 may open further upside towards 10,550-10,600 this week. Any failure to sustain above 10,330 could trigger minor downward correction in the market. Immediate support to be watched is at 10,250,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.







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