February 1, 2023

Published from Mumbai, Delhi & Bhopal

Asian cues lift indices; realty stocks rise

Mumbai : Positive Asian cues lifted the key indices of the Indian equity market during Monday’s morning trade session.

Besides, higher crude oils and commodity prices provided additional support to the upward trajectory.

Sector wise, realty, auto and bank stocks gained the most whereas power and IT scrips lost the most.

At around 10.30 a.m., S&P BSE Sensex traded at 60,142.17 points, higher by 93.70 points or 0.16 per cent from its previous close.

Similarly, NSE Nifty50 edged higher. It rose to 17,867.70 points, higher by 14.50 points or 0.081 per cent from its previous close.

“At higher levels, another bout of profit taking has emerged,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“However one more attempt to rise towards 18,000 Nifty seems due either today or in the next 1-2 days.”

According to Gaurav Garg, Head of Research, CapitalVia Global Research: “Indian benchmark indices started on a positive note on Monday. Asian shares got off on positive start despite the jump in oil prices to three years high.”

“Our research suggests that 17,790 is an important level in the market. If the market sustains above 17,790, we can expect the market to trade till the level of 18,000-18,100. If the index slips by this point, it will push itself into some consolidation.”

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