NEW DELHI: The equity market on Monday extended its rally on account of sustained foreign fund inflow and falling oil prices. At close, BSE benchmark Sensex was up 465.14 points to 58,853.07, while the Nifty50 ended 127.60 points higher at 17,525.10.
Mahindra & Mahindra, Coal India, Bajaj Finserv, Hindalco Industries and HD FC Bank were the top gainers on the Nifty Index, while BPCL, SBI, UltraTech Cement, Britannia Industries and Nestle India were the laggards.
Foreign institutional investors (FIIs), which were missing from the action over the past few months, have once again started taking exposure to local equities, thus providing a major impetus to the markets, said Shrikant Chouhan, head of equity research (Retail), Kotak Securities.
Kunal Valia, chief investments officer – Listed Investments, Waterfield Advisors, said they are not yet confident that inflation will drop to the Fed’s Comfort level this year and whether recessionary trends are broad-based in the US economy.
"So the current turnaround instance of FIIs with regards to India is yet to be confirmed. However, we believe a large part of FII selling in India is past us and we will monitor the growth-inflation dynamics for a quarter to be certain," added Valia.
Meanwhile, Paytm shares jumped over 6% on Monday to their highest levels in nearly six months even as the fintech giant’s net losses widened to Rs 645 crore for Q1FY23 compared with a loss of Rs 382 crore a year earlier. Its revenue from operations came in at Rs 1,680 crore in the first quarter, up 89% from the year-ago quarter. Going forward, experts have different opinions on the stock which has lost 37.62% in 2022 but risen 19.14% in a month.
Top gainers and losers in Indian equity markets
M & M, Coal India, Bajaj Finserv, Hindalco Industries and HDFC Bank were top Nifty gainers, while BPCL, SBI, UltraTech, Britannia and Nestle India were laggards