Optimism on Street As Nifty, Sensex Gain: Metal Stocks Rally, Banks Support

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Optimism on Street As Nifty, Sensex Gain: Metal Stocks Rally, Banks Support
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The domestic market indices opened the new year on a positive note and extended gains further in the session on Monday, led by a sharp rally in metal stocks after Dalal Street witnessed its harshest December in the last 9 years.

At the time of writing, benchmark indices Nifty50 gained 0.43% to 18,183.25 points and Sensex rose 276.6 points or 0.45%. The market volatility barometer India VIX traded 0.72% higher at 14.98 levels, indicating a muted session.

Metal majors Tata Steel (NS: TISC ) and Hindalco (NS: HALC ) were the top performers on Nifty50, while heavyweights ONGC (NS: ONGC ), Reliance Industries (NS: RELI ), Tata Motors (NS: TAMO ), ICICI Bank (NS: ICBK ) and M&M (NS: MAHM ), among others, supported the market. On the contrary, Bajaj Auto (NS: BAJA ), Bajaj Finance (NS: BJFN ), Asian Paints (NS: ASPN ), Cipla (NS: CIPL ), Dr. Reddy’s Laboratories (NS: REDY ) and Divi's Laboratories (NS: DIVI ), among others, exerted pressure on the market.

Barring Nifty Pharma and Nifty Healthcare, all sectoral indices under the Nifty umbrella traded higher, while Nifty IT was flat. Nifty Metal rallied 2.12% as the global brokerage and research firm Jefferies turned positive on Indian metals after remaining cautious in the space for about a year.

Besides Adani Enterprises (NS: ADEL ), all constituent stocks of the 15-scrip index Nifty Metal traded in the green, led by SAIL (NS: SAIL ) and Tata Steel.

Banking stocks extended support to the market’s uptick on Monday, as Nifty PSU Bank and Nifty Private Bank gained up to 0.75% while writing. Nifty Bank surged 0.68%.

Read Also: Tata Steel is Jefferies’ Top Pick in Indian Metals, Bearish on JSW Steel (NS: JSTL )

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