Sensex, Nifty close marginally up amid positive global cues; IT stocks rise

Mumbai: Market benchmark Sensex inched up by 17 points to close at 28,351.62 on Monday, while the NSE Nifty went past the 8,800 mark on fag-end buying in IT, metal and power stocks amid positive global cues. The 30-share Sensex resumed higher at 28,450.42 and advanced to 28,458.80 following initial buying by investors and sustained foreign fund inflows.

However, profit-booking took a toll, and the index slipped to touch a low of 28,197.38 before settling 17.37 points, or 0.06% higher at 28,351.62. The gauge has gained 44.33 points in the previous two sessions.

The 50-share Nifty too settled 11.50 points or 0.13% higher at 8,805.05 after moving between 8,826.90 and 8,754.20.

BSE Sensex was little changed on Monday with losses in financials such as Bank of Baroda Ltd and telecom company Idea Cellular Ltd outweighing gains in IT stocks. However, investor sentiment was upbeat as Asian shares ticked up on renewed optimism over US President Trump’s tax reform plans and his change of tack to agree to honour the “one China” policy. Trump plans to announce the most ambitious tax reform plan since the Reagan era in the next few weeks, the White House said last week, sending stock prices and the dollar higher on hopes for a cut in corporate tax rates.

“Markets have been fairly strong after the budget and mid-caps have been doing well... Global mood is also helping boost sentiment (in India),” said Jayant Manglik, president, retail distribution, Religare Securities. As of Friday’s close, the Nifty had gained 2.7% since the budget on 1 February, rising in seven sessions out of the eight so far this month. IT stocks were the biggest contributors to the gains with the Nifty IT index, which fell about 7% in 2016, trading 0.41% higher. Banks were the biggest drags with the Nifty PSU bank index shedding as much as 2.7%.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)