Indian stock markets on Monday continued its winning streak as both BSE Sensex 30 and Nifty 50 grew by approximately 1%.
The growth of 1 percent was mainly supported by stocks of auto companies, power and oil & gas.
S&P BSE Sensex
S&P BSE Sensex on Monday gained 545.25 points to conclude trading at 58115.50. Sensex is touching 58000 mark after many weeks. Strong investment from Foreign Portfolio Investors and positive performance from auto and Power stocks helped the index reclaim 58000 mark.
Top gainer in market on Monday were Mahindra & Mahindra (6.15%), Reliance industries (2.64%), Maruti (2.64%), Kotak Mahindra Bank (2.42%) and Bharti Airtel (2.40%).
Strong sales growth of vehicles by Mahindra and Mahindra helped the multinational automobile company become the top gainer in Sensex on Monday. Sales of vehicles grown by 33% in month of July 2022 along with similar increase in exports.
On Bombay Stock Exchange, the shares of M&M grew by 6.15% to close the trading at 1236.35 Indian rupee per share. The share saw an increase in share value by 71.60 rupees per share.
With today’s increase, the share value of automobile manufacturing giant is near to 52 week high rate of 1248.40.
Top losers on Sensex on Monday were Sun Pharma (-2.65%), Hindustan Unilever limited (-1.66%), Nestlé India (-0.49%), Asian Paints (-0.26%), Indus Ind Bank (-0.23%), Tata Consultancy Services (-0.05%).
Out of 30 stocks traded on the Sensex 30 index, 24 stocks advanced while rest of the stock concluded their trading in Red.
Even though Mahindra and Mahindra was top gainer in Sensex, in BSE Auto, index for automobile category, Tata Motors was the top gainer with an increase in share value by 6.58%.
The tota index rose 927.45 points (3.23%) to end the market at 29656.09.
Only 4 out of 15 stocks saw a downward trend in the index.
Nifty 50
Benchmark index of National stock exchange, Nifty 50, on Monday rose 181.80 points (1.06%) to conclude the market at 17340.05.
It is for first time in nearly 10 weeks, Nifty 50 crossed 17300 mark. The index which opened at 17243.20 went as high as 17356.25.
Top gainers on Nifty 50 are Tata Motors (6.77%) Mahindra and Mahindra (6.02%) Adani Ports (4.88%) Bharti Airtel (3.27%) and ONGC (3.02%).
Top losers on Monday were, Sun Pharma (-2.86%) HDFC LIFE Insurance (-1.89%) Hindustan Unilever limited (-1.53%) Brittania (-1.01) and Divis Labs (-0.90%).
Out of 50 stocks traded on the index, 38 stocks advanced to make gains while 11 stocks declined and made losses.
Investors would be keenly looking at results of board meetings of Adani Green Energy Limited and Bank of India to consider financial statements for the period ended June 2022.
Foreign Portfolio Investors were net sellers in Indian capital markets for nearly 10 consecutive months. It led to cumulative outflow of 33 billion dollars from the market.
Now with FPIs becoming net buyers in the last 2 back to back weeks, the future of Indian stock market looks bright.
