NSE Nifty was up by 1.1 per cent or 234.70 points at 21,530.05 points, while the BSE Sensex was at 71,406.94, up 1 per cent or 691.41 points. A total of 3,369 stocks were actively traded, 2,176 advanced, while 1,085 declined and 108 stocks remained unchanged . A total of 277 stocks hit a 52-week high, and 15 stocks hit a 52-week low at 10 am on Monday.
Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “Two important events are due this week: the interim Budget and the Fed meeting on rate decision. But these events are unlikely to impact the market in a big way. The Budget will be a vote on account, without major announcements capable of impacting the market. Regarding the Fed decision, no rate cut is expected, but the commentary will be keenly watched.
The turbulence in the Red Sea is turning out to be a serious issue. Brent crude has spiked to $83. Stock specific action in response to Q3 results and news is likely. LIC getting RBI approval to raise its stake in HDFC Bank is positive for the latter. Since FII selling is sustained and high, the bears will use rallies to sell.”
Major gainers on the BSE at 9:36 am include, Infibeam (15.06%); IRB (12.94%); MSTC (10%); IFCI (10%); RITES (8.23%). Major losers include, AU Bank (-10%); PGEL (-6.67%); SBI Card (-5.07%); KPI Tech (-4.76%); Max Health (-3.59%).
The BSE smallcap was up by 0.63%, and midcap by 0.80%, indicating gains.