The domestic stock markets closed on a positive note on Monday with both the benchmark indices closing in the green.
IT sector stocks were in the limelight with the IT sectoral index outperforming both the benchmark Nifty and Sensex and other sectoral indices to close up 2.39 per cent and 2.37 per cent, respectively.
The Nifty was up 0.75 per cent or 40 points at 5,249, while the Sensex rose 0.76 per cent or 132 points to 17,319.
“May contracts are expiring and people are creating fresh positions in IT. Apart from fresh buying, there was short-covering also in some IT stocks.
Weakening rupee is also supporting the IT sector. Moreover, the TCS quarterly results numbers were good and we are expecting good results from other mid-cap IT companies as well,” said Mr Alex K. Mathews, Head-Technical and Derivatives Research, Geojit BNP Paribas Financial Services.
“There was fresh buying seen in auto and cement sectors as well which also witnessed movement on the bourses today,” he added.
Volatility was up with the India Vix closing up almost 1.19 per cent at 17.82.
TCS, Jindal Steel, Power Grid, DLF and Infy were the top Nifty gainers, while BHEL, Maruti, Axis Bank, Dr Reddy and Asian Paints were the losers.