Banking stocks on Monday led the important thing benchmark inventory indices to surge 0.8% and scale new heights persevering with on the positive factors reported on Friday.
The S&P BSE Sensex grew to a report of 66,589.93 factors, up 529 factors or 0.80%. Top Sensex gainers included State Bank (2.8%), Wipro (2.54%), Reliance (2.10%), HDFC Bank (2.07%) and Kotak Bank (1.45%). The NSE Nifty-50 index too surged to a report of 19,711.45, up 146.95 factors.
Rajesh Bhosale, Technical Analyst, Angel One Ltd mentioned “The catalyst for this movement was the buying spree in the banking sector, which had been sluggish for the past few weeks. Also, with broad-based buying and positive momentum, the rally is expected to continue, possibly challenging the psychological level of 20000 in the near term with immediate resistance around 19850 – 19900.”
“Last week, the IT and Metal sectors were strong performers, contributing to positive market sentiments. However, this week, the focus appears to be shifting towards the banking sector,” he added.
