Stock indices gain 1.4% on continued buying interest

Frontline stock indices on Monday rose for the sixth consecutive session on the back of broad-based buying and ended the day with gains of 1.4%. The BSE Sensex gained 1,079 points, or 1.4%, to 77,984 backed by buying in banking and finance stocks. The NSE Nifty-50 index gained 308 points, or 1.32%, to close at 23,658 points. “NSE cash market volumes were higher by 9% as compared to the average of last ten days,” said Nandish Shah, deputy vice president, HDFC Securities.

The mid and small-cap segments continued their winning streak for the sixth sessions, mirroring the overall market’s strength. 

The Nifty Midcap 100 index rose by 1.3%, and the Nifty Smallcap 100 index surged by 1.10%. Market breadth remained positive for the fifth straight day, with the BSE advance-decline ratio at 1.53.

All the sectoral indices ended in the green. Among them, Nifty PSU banks, Nifty private banks, realty and oil/gas were major gainers .“The Nifty managed to close above its long-term exponential moving average of 200 days, placed at 23,400. By surpassing 23,612, Nifty has retraced more than 38.2% of the entire downswing seen from all time high of 26,277 to the recent swing low of 21,964, Mr. Shah said.