Sensex closed at 62,787.47, climbed by 240.36 points or 0.38%. Nifty 50 surged by 59.75 points or 0.32% to end at 18,593.85.

About 2,162 stocks advanced, while 1,496 stocks declined and 182 stocks unchanged. A total of 246 stocks touched a new 52-week high, and 53 stocks touched hit new 52-week low.

Vinod Nair, Head of Research at Geojit Financial Services said, “The equity market is maintaining stability due to a continuous stream of favourable domestic economic indicators. Stronger-than-expected domestic PMI figures, sequential growth in auto sales, and robust expansion in bank credit are instilling investor confidence in India’s growth prospects. On the other hand, the US jobs data presented a mixed picture, with non-farm payroll showing acceleration while the unemployment rate surged from 3.4% to 3.7% in May.”

Here is the list of top gainers and losers during Monday’s trade session:

Sensex:

Top gainers: M&M (+4.01%), Axis Bank (+2.68%), Tata Motors (+2%), L&T (+1.52%), and Tata Steel (+1.25%).

Top losers: Tech Mahindra (-1.16%), Asian Paint (-1.09%), Nestle India (-0.82%), Kotak Bank (-0.78%), Hindustan Unilever (-0.68%).

Nifty 50:

Top gainers: M&M (+3.99%), Axis Bank (+2.69%), Tata Motors (+1.79%), L&T (+1.56%), and Grasim (+1.52%).

Top losers: Divi’s Lab (-1.30%), Asain Paints (-1.10%), Tech Mahindra (-1.08%), Hero MotoCorp (-0.96%), and Nestle India (-0.89%).

BSE:

Top losers: Brightcom Group hits 5% lower circuit, Aegis Logistics (-4.48%), Jindal Saw (-4.39%), Techno Electric & Engineering Company (-4.38%), and Cyient (-4.27%).

NSE:

Top gainers: Hi-Tech Gears, Maan Aluminium, Somi Conveyor Beltings, and Ganga Forging hit 20% upper circuits. Mazagon Dock Shipbuilders (+18.79%).

Top losers: Kaushalya Infra (-8.73%), Gayatri Highways (-7.69%), Inox Wind Energy (-7.41%), EMudhra (-7.30%), and Supreme Engineering (-7.14%).

Further, Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said, the Nifty index is currently experiencing a sideways trend, indicating a lack of clear direction in its price movement. This sideways movement is accompanied by low trading volumes, suggesting a relatively lower level of market participation and activity.The index has a support level at 18550, indicating a price level where buyers have shown interest and may provide a foundation for potential price rebounds. On the other hand, there is a resistance level at 18660, acting as a barrier for upward movements and where sellers may become more active.

Also, Shah added, “despite the sideways trend, the overall undertone of the market remains bullish. This suggests that the prevailing sentiment favors buying opportunities on dips or temporary price declines. Investors are advised to adopt a “buy on dip” approach, indicating a strategy of purchasing the Nifty index when it experiences short-term pullbacks.”

Updated: 05 Jun 2023, 04:11 PM IST