Nifty ends higher on buying in metals, power and IT stocks

Nifty ended higher on Monday aided by buying across metals, power and IT stocks, Deepak Jasani, Head of Retail Research, HDFC Securities

New Delhi: Nifty ended higher on Monday aided by buying across metals, power and IT stocks, Deepak Jasani, Head of Retail Research, HDFC Securities, has said.

At close, Nifty was up 0.43 per cent or 83.5 points at 19,393.6. Volumes on the NSE fell sharply compared to the recent average. Broad market indices rose more than the Nifty even as the advance decline ratio rose to 1.51:1, he added.

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Asian stocks stumbled on Monday after China delivered a smaller cut to lending rates than markets had counted on, continuing Beijing’s run of disappointingly frugal stimulus steps.

European stocks rebounded from a one-month low as higher energy prices buoyed oil producers. Omkar Kamtekar, Research Analyst, Bonanza Portfolio said he market started the new week on a positive note with the Nifty closing higher by 83 points, while the Sensex closed with gains of 267 points.

Buying was seen across sectors and in all the broader market indices in general, with Nifty Metal Index witnessing a 1.3 per cent jump, followed by buying in IT stocks. Reliance Industries was the biggest drag on Nifty on Monday, down by 1.44 per cent. Jio Financial Services (JFS), the recently demerged entity from Reliance Industries made its debut on the bourse on Monday at Rs 262 against the discovered price of Rs 261.85.

Later, JFS witnessed massive selling pressure with heavy volume to end the day down 5 per cent. JFS will continue to hold its place in several FTSE indices and shall be added in the MSCI Global Standard Index from August 23, he said.

The top gainers for Nifty were Bajaj Finance, Powergrid and Adani Ports, while the Top Losers were, Reliance Industries, M&M and Britannia.