On Monday, Nifty 50 closed 0.35% higher at 24,586.70. The benchmark index also raced hit an all time high of 24,635.05. ONGC emerged as the top gainer, while LTIMindree experienced the largest decline.
ONGC led the gainers with a robust 5.01% increase, closing at ₹322.5, up from its previous close of ₹307.1.
Top Gainers:
| Company | Current Price | Last Close | % Change |
|---|---|---|---|
| ONGC | ₹322.5 | ₹307.1 | 5.01% |
| SBILIFE | ₹1613.45 | ₹1562.85 | 3.24% |
| Shriram Finance | ₹2882.35 | ₹2794.4 | 3.15% |
| SBI | ₹883.0 | ₹859.7 | 2.71% |
| Bajaj Auto | ₹9673.35 | ₹9430.75 | 2.57% |
Close behind were SBILIFE and Shriram Finance, which saw their stock prices increase by 3.24% and 3.15% respectively. SBI and Bajaj Auto also featured among the top performers with gains of 2.71% and 2.57%.
See Also: HDFC AMC Sees Profit Jump 26% To ₹604, Revenue Up 35%
Conversely, LTIM was the biggest loser of the day, with its stock price falling by 1.70% to ₹5478.15 from its previous close of ₹5572.65.
Top Losers:
| Company | Current Price | Last Close | % Change |
|---|---|---|---|
| LTIM | ₹5478.15 | ₹5572.65 | -1.70% |
| Grasim | ₹2803.75 | ₹2843.75 | -1.41% |
| Asian Paints | ₹2959.0 | ₹2999.15 | -1.34% |
| Tata Steel | ₹166.76 | ₹168.69 | -1.14% |
| Axis Bank | ₹1307.45 | ₹1317.3 | -0.75% |
Grasim, Asian Paints, Tata Steel, and Axis Bank also faced downturns, with their stock prices decreasing by 1.41%, 1.34%, 1.14%, and 0.75% respectively.
Vinod Nair, Head of Research, Geojit Financial Services said, “”The Indian market continues to experience optimism driven by positive expectations from the upcoming Union Budget, robust FII inflows, and better-than-expected results from the IT sector. Additionally, the initial results from PSU banks have triggered a strong rally in the PSU index. However, the degree of optimism in the broad market is moderating as we are heading towards the budget D-day next week. Also, June’s CPI inflation reached a five-month high due to the heatwave in May-June.”
Rupak De, senior technical analyst, LKP Securities said, “The index started in the green and remained sideways during the day. On the daily chart, a doji pattern has formed, indicating indecisiveness. A fall below 24,520 might trigger near-term panic in the market. A fall below 24,250 might take the index towards 24,200-24,180. On the higher end, resistance is placed at 24,650, above which further upside looks possible.”
Read Next: Deepinder Goyal Is India’s Latest Billionaire Thanks to Zomato’s Golden Rally
Engineered by Benzinga Neuro, Edited by Ananthu CU
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.