Snapshot: Sensex Rises for 3rd Day, IT & PSU Stocks Zoom, Nifty IT Outperforms

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Snapshot: Sensex Rises for 3rd Day, IT & PSU Stocks Zoom, Nifty IT Outperforms
Credit: © Reuters.

By Malvika Gurung -- Extending gains to the third straight session, the domestic market ended higher on Monday, tracking upbeat cues from global markets and a fall in commodity prices. However, the underlying fear of recession, expectations of aggressive monetary tightening by global central banks and inflation fears have continued to maintain a tight grip on the market sentiments.

Benchmark equity indices Nifty50 ended 0.85% higher and Sensex gained 433.3 points or 0.82% on Monday, led by PSU and IT stocks. The advance-decline ratio stood at 3:1 in the session.

On the sectoral front, all indices listed under the Nifty basket made gains, led by Nifty IT surging 2.05% and Nifty Metal . Nifty Bank climbed 0.55%.

Market experts believe that the Indian stock market at present is more exposed to global factors than the domestic ones. 

A strong revival in the market can only be expected when the economy stabilises from these uncertainties and when FIIs turn net buyers, stated Vinod Nair of Geojit Financial Services.

On the Nifty50 index, 38 stocks ended in the green, led by ONGC (NS: ONGC ), Coal India (NS: COAL ) and L&T (NS: LART ), rising at least 3% each, while Eicher Motors (NS: EICH ) and Apollo Hospitals (NS: APLH ) slumped the most, falling upto 1.5%.

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