The Indian equity benchmarks turned positive in a highly volatile trade on Monday led by gains in IT and pharma stocks. The 30-share BSE Sensex went up by 296 points or 0.52 % to close at 57,420, while the broader NSE Nifty settled 83 points or 0.49 % higher at 17,086.
Mid- and small-cap shares jumped as Nifty Midcap 100 index climbed 0.44 % and Nifty Smallcap 100 index surged 0.20 %.
12 out of 15 sector gauges — compiled by the National Stock Exchange — settled in green. Nifty Pharma, Nifty IT and Nifty Healthcare jumped as much as 1.62 %.
The Indian benchmarks managed to trade in green despite a negative opening in the morning as the market rebounds from Omicron shock.
“Our research suggests that the levels of 57,400-57,500 (Sensex) may act as resistance levels in the market for short term. If the market breaches the levels of 57,400-57,500, we can expect the market to trade till the range of 57,600-57,700. Technical indicators also support positivity in the market,” he added.
Tech Mahindra stood as the top Nifty gainer as the stock soared 3.44 % to ₹ 1,783.05. Shares of Cipla, Dr Reddy’s, UPL and Kaotak Mahindra Bank saw rising trend.
On the flipside, Hindalco, Britannia, ONGC, IndusInd Bank and Maruti fell as much as 1.42 %.