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Stock SIPs: Does It Work?
The Indian benchmark indices have made an excellent start to the week as both BSE Sensex and NSE Nifty closed the day higher. The gains in the indices were led by the pharma, PSBs and auto stocks. The Sensex index closed in the green for the fourth successive day.
TheS&P BSE Sensex closed the day at the 49,502.41 levels. Over the day, it managed to add 295.94 points or 0.60% to its tally. Among the thirty stocks that form the Sensex index, only five closed in the red, while the remaining twenty-five of them ended the day in the positive terrain.
L&T and Dr Reddy’s emerged as the top gainers in the index. Their share price moved ahead by 3.89% and 3.01%, respectively. Sun Pharma and NTPC followed it, with their share price zooming by 2.74% and 2.52%, respectively. PowerGrid, IndusInd Bank and ONGC saw their share price close over 2% on Monday.
Mahindra & Mahindra, Kotak Bank, HDFC, Tech Mahindra, ICICI Bank and SBI witnessed their share price shoot up in the range of 1% to 2%. UltraTech Cement emerged as the most significant loser; its share price ended the day 1.22% lower. It was followed by Infosys, Reliance, HCL Tech and Axis Bank.
The NSE Nifty 50 closed the 0.80% or 119.20 points higher. It closed at 14,942.35 points. Among the fifty stocks that form the Nifty index, thirty-eight closed in the positive terrain, while twelve ended in the red. Coal India and UPL emerged as the top gains, and their share price soared by 8.22% and 8.02%, respectively.
Hindalco and IOC followed UPL with their share price surging by 6.21% and 4.75%, respectively. Shree Cement and Britannia closed as the top losers. Their share price tanked by 1.90% and 1.28%, respectively.
For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in
Engineer by qualification, financial writer by choice. I am always open to learning new things.
