Tech Mahindra Rises Nearly 3% To Lead Nifty As Market Momentum Holds Firm

On Monday, Nifty 50 rose 0.55% to 24,141.95. 33 stocks gained while 17 declined.

Tech Mahindra outperformed its peers, with its stock price surging by 2.92% to close at ₹1472.10, up from ₹1430.35.

Top Gainers

StockCurrent PriceLast Close% Change
Tech Mahindra₹1472.10₹1430.352.92%
Bajaj Finance₹7276.75₹7115.552.27%
Grasim Industries₹2726.40₹2670.452.10%
UltraTech Cement₹11904.65₹11667.902.03%

Wipro also gained 2.43% to ₹527.35 in the session. Bajaj Finance is another stock which rose in the session as the stock surged by 2.27% to ₹7276.75 in the session.

UltraTech Cement and Grasim Industries, part of the Aditya Birla Group, also showcased robust performances, with their stocks climbing by 2.03% and 2.10% respectively.

Conversely, NTPC led the day’s declines, with its stock price falling by 2.27% to close at ₹369.75, down from ₹378.35.

See Also: Maruti Suzuki Sees Exports Jump 57% In June, Shares Upbeat

Top Losers

StockCurrent PriceLast Close% Change
State Bank of India₹841.95₹848.95-0.82%
Eicher Motors₹4635.55₹4672.95-0.80%
Dr. Reddy’s₹6353.70₹6402.35-0.76%
Apollo Hospitals₹6140.5₹6185.70-0.73%

State Bank of India and Eicher Motors also saw their stock prices dip by 0.82% and 0.80 respectively. Dr Reddy’s and Apollo Hospitals brought up the rest of the loses as they ended up falling by 0.76% and 0.73% in the session respectively.

Speaking about Monday’s performance, Vinod Nair, head of research, Geojit Financial Services said, “The domestic market sustained its upward momentum, with a reduction in US PCE inflation raising hopes for a rate cut by the FED in September. This optimism contributed to the strong performance of IT stocks. We anticipate this trend will persist in the near term due to expectations of a rebound in discretionary spending. Investors are now focusing on upcoming US job data and the Fed Chair’s speech for further indication on interest rates.”

Ajit Mishra – SVP, research, Religare Broking said, “The markets began the week positively, gaining nearly half a percent, extending the ongoing uptrend. Starting flat, the Nifty gradually climbed and nearly reached Friday's highs, closing at 24,123.35 levels. Sector-wise, there was a mixed trend with IT, financials, and metals showing decent gains, while energy and realty dipped about half a percent. The broader indices performed well, with both midcap and smallcap indices gaining approximately 1.5% each.”.

Read Next: Tata Motors Domestic Sales Down 7% In June, EV Sales Tank 34%

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