Benchmark indices closed higher on Monday, adding nearly Rs 3 lakh crore to investor wealth, driven by gains in banking, metal, and real estate stocks. The S&P BSE Sensex rose 498.58 points to settle at 78,540.17, while the NSE Nifty50 advanced 165.95 points to close at 23,753.45.
“Weekend developments from the latest GST Council meeting influenced sectoral movements. Stocks like ITC surged as the council did not hike taxes on tobacco-related products, contrary to market expectations. However, insurance stocks fell after the council deferred the decision to reduce GST on life and health insurance plans,” said Satish Chandra Aluri from Lemonn Markets Desk.
“The auto sector also underperformed following the announcement of an 18% GST on all used and old vehicles, including EVs, sold by registered sellers,” said he added.
Top gainers included JSW Steel, up 2.36%, ITC with a 2.12% rise, Hindalco gaining 1.87%, Trent advancing 1.73%, and HDFC Bank climbing 1.72%. Meanwhile, Hero MotoCorp dropped 1.50%, Maruti Suzuki fell 0.84%, Honeywell Automation dipped 0.55%, HDFC Life declined 0.53%, and Bajaj Finserv slid 0.43%.
“Realty outperformed, followed by PSU Banks and BankNifty, while Media and Auto lagged. Broader markets saw selling pressure, with small caps ending in red, though midcaps held steady,” said Aditya Gaggar, Director at Progressive Shares.
On the technical front, the Nifty formed a doji candlestick pattern and remained below its 200-day EMA, signaling bearish sentiment.
“A sell-on-rise strategy may be beneficial, with expected support for Nifty between 23,510 and 23,400 and resistance near 23,940 and 24,000 in the next session,” said VLA Ambala, Co-Founder of Stock Market Today.
Published On:
Dec 23, 2024