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The equity markets demonstrated a bullish trend at the Monday opening, Sensex breached 70,000 to hit a high of 70,048.90.
The NSE Nifty was up by 0.14 per cent or 29.80 points to 20,999.20, while the BSE Sensex was up by 0.17 per cent or 117.77 points to 69,943.37 at 10.15 am on Monday. A total of 3,266 stocks were traded on the BSE, of which, 2,160 advanced, while 959 declined and 147 stocks remained unchanged. As many as 199 stocks hit a 52-week high and 19 stocks hit a 25-week low.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “A significant trend in the market is the outperformance of the Bank Nifty over the Nifty. Last week while the Nifty appreciated by 3.5 per cent, Bank Nifty shot up by 5.5 per cent. This outperformance is likely to continue, given the fair valuations of banking stocks, particularly the leading names. For the overall market, safety is now in large caps.”
Major gainers on the NSE at 10.15 am include Coal India (1.48%), ONGC (1.38%), IndusInd (1.28%) UPL (1.14%), and Ultratech (0.85%).
Major losers on the NSE at 10 am include Dr Reddy (-5.93%), Axis Bank (-1.03%), Asian Paints (-0.80%), Maruti (-0.65%), and M&M (-0.57%).
BSE MidCap (0.55 per cent) and BSE SmallCap (0.63 per cent) indicated gains.
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