Street Snippet: Broader Market Outperforms, Metals Shine, INR Ends Lower

  • Stock Market News
Street Snippet: Broader Market Outperforms, Metals Shine, INR Ends Lower

By Malvika Gurung -- The domestic market made a muted closing in a volatile session on Monday, with headline indices ending mixed as investors remained cautious ahead of the RBI policy announcement later in the week.

The equity benchmark indices Nifty50 advanced 0.026% to close above the 18,700 mark, while Sensex pared 33.9 points on Monday’s closing. Further, the Indian rupee ended lower against the US dollar in the session, closing at 81.79/$1 compared to 81.31 in the previous session. 

Further, factors like rising crude oil prices due to OPEC’s decision to not cut the output target as well as an ease in the strict zero-Covid rules in China led to profit booking on Dalal Street on Monday.

On the sectoral front, metals outshined all the sectoral indices listed under the Nifty basket, followed by the PSU banks. Nifty Metal rose sharply by 1.87%, while Nifty PSU Bank jumped 1.2%. Nifty IT witnessed the most profit booking and Nifty Bank gained 0.53%.

The broader market continued to outperform its headline peers, as Nifty Midcap 100 recorded a fresh 52-week high on Monday, ending the session 0.25% higher, while NIFTY Smallcap 100 rose 0.43%.

The domestic market volatility barometer India VIX jumped 2.1% to 13.73 on Monday.

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