Closing Bells: Indian Benchmark Indices Made a Good Start to the Week
Benchmark index negative

Powered by a strong buying trend noticed in the majors across sectors, the Indian benchmark indices closed Monday nearly 1% higher. All sectoral indices except PSU Banking, auto and IT indices closed in the positive terrain on the National Stock Exchange (NSE). 

The S&P BSE Sensex closed the day at 51,937.44 points. It managed to put on 1% or 514.56 points to its tally over the day. Over May 2021, the Sensex index grew over 6% despite the second wave of COVID-19. Among the 30 stocks that form the index, 22 closed in green while the remaining eight stocks folded in red. 

The gains in Sensex were led by Reliance, with its share price surging by 3.13%. ICICI Bank, Bharti Airtel, Dr Reddy’s, Maruti and ITC followed it with their share price shooting up by 2.95%, 2.16%, 2.08%, 1.89%, and 1.76%, respectively. The share price of NTPC, Axis Bank, Ultra Tech Cement, Asian Paint, Titan, ONGC, Nestle India, and HDFC Bank increased in the range of 1.5% and 1%. 

The other stocks to close the day higher were Hindustan Unilever, Bajaj Finserv, SBI, HDFC, TCS, Kotak Bank, Bajaj Finance, and HCL Tech. Mahindra & Mahindra was the most significant loser in the Sensex index; its share price was reduced by 4.53%. The other stocks to close the day in the adverse terrain were Infosys, L&T, IndusInd Bank, Tech Mahindra, Sun Pharma, Bajaj Auto and PowerGrid. 

The NSE Nifty 50 closed Monday at 15,582.80 points, its new closing peak. The index zoomed by nearly 6.5% over May 2021. Today, it expanded by 147.15 points or 0.95%. 30 of the 50 stocks that form the Nifty index closed higher, while the remaining 11 ended the day lower. JSW Steel steel gained the most while M&M tanked the most. 

Overall, the markets were upbeat on Monday as they were awaiting the Indian GDP and growth numbers for 2020-21. The figures were announced later in the day and revealed that Indian GDP contracted by 7.3% while it grew by 1.6% in the last quarter of the financial year.

For any clarifications/feedback on the topic, please contact the writer at vineeth.nc@cleartax.in

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