Nifty records biggest single-day gain since Dec 4: RIL, ONGC biggest gainers [details]

Nifty ended the primary day of the week with its biggest single-day gain since December 4 with heavyweight Reliance Industries contributing essentially the most to the good points, Deepak Jasani, Head Retail Research at HDFC Securities, mentioned on Monday.

At shut on Monday, Nifty was up 385 factors or 1.8 per cent at 21,737.60, whereas Sensex closed the day 1,240.90 factors or 1.76 per cent larger at 71,941.57.

Cash market volumes on the NSE had been excessive at Rs 1.26 lakh crore. Broad market indices rose lower than the Nifty even because the advance-decline ratio remained up at 1.39:1, Jasani mentioned.

The buildup forward of the vote on account appears to have began. This upmove can be utilized for selectively lowering weight in particular person shares which have run up too quick, he mentioned.

Vaibhav Vidwani, Research Analyst at Bonanza Portfolio, mentioned Nifty Oil and Gas and Nifty Energy had been the sectors which outperform on Monday, up by 5.18 per cent and 5.17 per cent, respectively.

Excitement among the many traders forward of the interim funds, which is more likely to embrace main allocations to infrastructure and power, is partly liable for the Nifty 50’s current rally, he mentioned.

Government expenditure in these sectors often signifies sturdy development potential, which pulls curiosity from the traders, so this confidence isn’t unwarranted. Further upswings are additionally noticed in sure industries, such defence and railways, maybe on account of anticipations round focused fiscal help, Vidwani mentioned.

ONGC, Reliance Industries, Adani Enterprises, Coal India, and Adani Ports had been the highest gainers on the Nifty on Monday, whereas Cipla, ITC, LTIMindtree, Bajaj Auto, and Infosys had been the highest losers.

(With inputs from IANS)