Sensex closed on Monday nearly 100 points up thereby ending the three day losing run amidst volatile trade. While telecom, energy, oil and gas gained apart from banking and auto stocks. Even the Nifty traded at least 38 points up to close at 10184 but it had touched 10200 during intra-day trade.
The broader Nifty scaled the 10,200 mark intra day before closing at 10,184.85, showing a sizeable gain of 38.30 points, or 0.38%. It shuttled between a high 10,224.15 and low of 10,124.50 in day trade. The Nifty managed to end on a positive note, courtesy to smart buying in the latter half of the day, Sameet Chavan, chief analyst, technical and derivatives, Angel Broking, said.
“Market regained after a weak start due to expectation of earnings growth and positive global growth. Telecom sector outperformed on value buying in expectation of normalisation of tariffs, consolidation in the industry, and better outlook on data usage,” said Vinod Nair, head of research, Geojit Financial Services Ltd.
Covering-up by speculators, who had been creating short positions, gave equities a push, a broker said. Sentiment also got a lift after revenue secretary Hasmukh Adhia suggested some rejig in goods and service tax rate structure to reduce the burden on small and medium businesses, brokers said.