Monday marked a positive start to the week as the Sensex achieved a historic milestone, surging past 73,000 for the first time, accompanied by the Nifty crossing the 22,000 mark, according to Shrey Jain, Founder and CEO of SAS Online. By the day's close, Sensex recorded a significant gain of 759.48 points, equivalent to 1.05%, closing at 73,327.94. The Nifty experienced an increase of 202.90 points, or 0.93%, settling at 22,097.45.
Mandar Bhojane, Research Analyst at Choice Broking, noted that both Sensex and Nifty reached new highs of 73,322 and 22,104, respectively, driven by a rally in IT stocks, fueled by December quarter results exceeding Street estimates. Bhojane highlighted the Nifty's bullish momentum, with a gap-up opening and sustained upward movement, forming a hammer candlestick pattern on the daily chart. He anticipated the Nifty reaching 22,300 in the coming sessions, especially as the earnings season progresses into the second week.
Vaibhav Vidwani, Research Analyst at Bonanza Portfolio, reported that Tata consumer products witnessed a decline in stock price following the announcement of gradually acquiring a 100% share in Capital Foods, the company owning Ching's Secret, Smith & Jones, and Organic India. The enterprise value of 100% of Capital Foods is Rs 5,100 crore, with 75% of the equity stake to be purchased at once, and the remaining 25% over the next three years.
Top gainers on the Nifty included Wipro, ONGC, HCL Technologies, Infosys, and Bharti Airtel, while losers comprised HDFC Life, Bajaj Finance, Bajaj Finserv, Hindalco Industries, and Eicher Motors. The surge in indices was fueled by positive sentiments, particularly in the IT sector, contributing to the overall bullish momentum in the market.
(With Agency Inputs)
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