Share Market Today : Indian stock market benchmarks BSE Sensex and NSE Nifty 50 rose nearly half a per cent on Monday amid positive global cues. The BSE Sensex was trading above 60,000, up 272 points or 0.5 per cent, while the Nifty 50 index climbed above 17900.
Tech Mahindra, Infosys, Tata Steel, HCL Tech, M&M, Wipro, TCS, Titan, ICICI Bank, Dr Reddy’s, Reliance, were among the top index gainers. Only HDFC S&P BSE Sensex was the loser. Nifty Bank index was trading 0.3 per cent above 40,540.
The Nifty Midcap gained over half a per cent in early trade, while the Smallcap index rose nearly one per cent in the broader market. Sector-wise, all the indices were trading in the green, with IT, auto and media trading with the highest gains.
Among individual stocks, Mahindra Lifespace shares have hit a 52-week high of Rs 550 per share. The company plans to buy some land in FY23 for the construction of housing projects. Besides, shares of Titagarh Wagons rose over 3 per cent after the Italian government and UAE-based PE firm bought 44 per cent stake in the company’s European arm Fiorma.
Strong development trend in India
According to experts, the most important factor in the growth of the Indian market is the strong development trend in India. The Reserve Bank’s report which now pegs bank credit growth at 15.5 per cent supports this fact. Bank Nifty which has led to Nifty outperforming over 11 per cent is a reflection of this strong undercurrent in the banking segment. The financials are expected to remain flexible but some sector rotation can be expected at this juncture, with the beaten-up IT segment participating in a pull back rally.