Mkts recoup early losses

Mumbai Equity benchmark indices Sensex and Nifty closed higher on Monday after two days of decline, supported by buying in index majors Infosys, ITC and Bajaj Finance amid a mixed trend in global markets. In a range-bound trade, the 30-share BSE Sensex climbed 267.43 points or 0.41 per cent to settle at 65,216.09. During the day, it jumped 387.16 points or 0.59 per cent to 65,335.82. The NSE Nifty gained 83.45 points or 0.43 per cent to end at 19,393.60.

“Markets started the week with an uptick and gained nearly half a per cent. After the initial choppiness, Nifty maintained a positive tone for most of the session, however, profit-taking in the end trimmed some gains,” said Ajit Mishra, SV-P (technical research), Religare Broking Ltd.

“A rebound in the global market after a significant correction prompted buying in domestic equities, particularly within the IT sector. However, the potential for volatility to linger in the near term remains due to the increasing dollar index and elevated US bond yields, fuelled by concerns about rate hikes. Investors are keenly observing the commentary from the Fed chair during its forthcoming summer conference for interest rate insights,” said Vinod Nair, head (research) at Geojit Financial Services.

“Positive European market cues triggered a relief rally in domestic benchmark indices as investors resorted to short covering after taking a hit last week on the back of sharp FII selling and weak global cues. However, the market may continue to stay wobbly due to weak macroeconomic scenarios and volatility in global currency markets due to uptick in US bond yields,” Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd, said.