Unabated FII outflows limit rebound

Mumbai: Benchmark equity indices ended with gains on Monday, extending their previous day’s rally, unfazed by a weak trend in global markets amid buying in Mahindra & Mahindra, Infosys, Tata Consultancy Services and Reliance Industries. However, continuous foreign fund outflows prevented markets from registering a sharp rally.

The 30-share BSE Sensex climbed 232.23 points or 0.35 per cent to settle at 65,953.48. During the day, it jumped 346.65 points or 0.52 per cent to 66,067.90. The NSE Nifty advanced 80.30 points or 0.41 per cent to end at 19,597.30.

“The Indian market began the data-centric week with modest gains, primarily propelled by strong performances in pharma and IT sectors. Global markets portrayed a mixed picture, with US futures exhibiting positivity in response to a moderation in bond yields, while European markets experienced declines due to weak economic data. Caution prevailed in the market due to the anticipation of upcoming inflation data and the RBI’s monetary policy,” said Vinod Nair, head (research) at Geojit Financial Services.

In the broader market, the BSE midcap gauge climbed 0.56 per cent and smallcap index advanced 0.26 per cent. Among the indices, healthcare jumped 1.61 per cent, telecommunication climbed 1.28 per cent, IT (1.07 per cent), teck (0.91 per cent), realty (0.63 per cent), auto (0.32 per cent) and commodities (0.28 per cent). Utilities, bankex, metal and power were the laggards.

From the Sensex pack, Mahindra & Mahindra jumped over 4 per cent, emerging as the biggest gainer. Sun Pharma, Bajaj Finserv, Tata Consultancy Services, Infosys, and others were the laggards.