Closing Bell: Market extends gains, Nifty closes above 16650
Domestic equity bourses extended their gains for the third straight session on Monday, led by strong gains in consumer durables and technology shares.
Indian equity market climbed sharply in today's session owing to positive global cues. Benchmarks BSE Sensex and NSE Nifty50 began the week in the green, after having three-week closing high on Friday. Amid gains in the global market participants wagered on an eventual slowdown in US monetary tightening but after sharp hikes in June and July. Owing to these developments, headline indices ended the session with robust gains.
At the closing bell on May 30, the Sensex jumped 1,041.08 points or 1.90% at 55925.74, and the Nifty added 308.90 points or 1.89% at 16661.40. On the market breadth, 2294 shares have advanced, 1082 shares declined, and 139 shares are unchanged.
On the sectoral front, IT, realty and oil & gas indices added 2-3% each while the midcap and smallcap indices gained over 2% each.
In the top Nifty gainers, Mahindra and Mahindra was the leader as the auto major reported healthy Q4 earnings. Other lead gainers include, Titan, Infosys, Adani Ports, L&T, HCL Tech, RIL and Tech Mahindra on Monday. In the top laggards Kotak Bank lost the most, followed by JSW Steel, Sun Pharma, and Dr Reddy's.
Among top trending stocks, shares of TTK Prestige gained over 3% to Rs 853.65 in early trade on the back of a robust set of numbers for the March-ended quarter. The company logged double-digit growth in Q4 added by all channels and geographies.
In the broader markets, Nifty Midcap 100 and Nifty Smallcap 100 indices rose almost 2% each. Market participants now await the last leg of corporate earnings from India Inc for cues. In the currency market, Rupee ended marginally higher at 77.54 against US dollar.
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