Covid decline pushes equities higher, energy stocks climb

Mumbai (IANS) India’s benchmark equity indices ended mildly higher after a volatile trade session on Monday.

The indices opened higher but soon sold off in the first hour of trade.

However, healthy buying in power, realty, oil and gas, and capital goods kept pushing the market higher.

Globally, stocks struggled for momentum as investors awaited key US inflation readings for guidance on monetary policy, despite news of China’s clampdown on mining and trading of cryptocurrencies.

The S&P BSE Sensex closed the day’s trade at 50,651.90, higher by 111.42 points, or 0.22 per cent, from its previous close.

Similarly, the Nifty50 of the National Stock Exchange ended the trade session at 15,197.70, up 22.40 points, or 0.15 per cent, from its previous close.

“Nifty has closed mildly higher on May 24, forming a doji after a rise, suggesting indecision at higher levels even as the Nifty approached past resistance levels,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

“Large caps are finding it difficult to rise as a group while the broader market still keeps doing well. 15,256-15,108 is the band for the Nifty for the near term.”

Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services, said: “Even though it was muted for most part of the day, sustained buying interest was seen at every small declines.”

“Market sentiments were positive as fresh cases continued to be below 3L mark for almost a week now and earnings season has been healthy so far.”

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