Closing Bell: Markets rise for the seventh session in a row; metal and PSU stocks lead the rally.
Domestic benchmark indices closed higher in the seventh consecutive session on Monday, October 18, led by metal, PSU bank and power stocks.
Indian markets are soaring high with each trading session and today was no different in terms of gains. Equity benchmarks Sensex and Nifty started the week at record highs. Gains were witnessed across sectors led by metal, financial, and oil and gas shares, which pushed the market higher. The broader indices BSE midcap and smallcap added 0.95% and 0.69% each.
At the closing bell on October 18, the Sensex was up 459.64 points or 0.75% at 61,765.59, and the Nifty was up 138.50 points or 0.76% at 18,477. On the advance-decline ratio, 1677 shares have advanced, 1563 shares declined, and 127 shares remain unchanged.
Top gainers of the day were Hindalco Industries, Infosys, Tech Mahindra, JSW Steel and Tata Steel, while top laggards were HCL Technologies, M&M, Asian Paints, Britannia Industries and Dr Reddy’s Laboratories.
On the sectoral front, other than pharma, all other sectoral indices ended in the green with power, metal and PSU bank indices adding 2-4%.
According to market experts, in absence of any major event this week, earnings will remain in focus with a long list of index majors announcing their results. Market participants will be closely eyeing the management commentaries for the future growth outlook. Apart from this, global cues would also be on investors' radars.
Chinese GDP grew by just 4.9% during the July-September quarter owing to lower-than-expected growth in industrial activity. However, it did not affect the Indian market as bulls took the charge of PSU Banks, metals, IT and energy stocks.
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