Markets upbeat as bulls take Nifty above 8800 level

Indian markets opened on a positive note and hit four-month high on Monday. Markets started factoring in rate cut from RBI in the upcoming monetary policy which will be announced on Wednesday. The markets traded on bullish sentiments that saw Nifty closing above the 8800 level.

BSE Sensex and Nifty indices rose 0.69 per cent and 0.7 per cent, respectively. At the closing bell, Nifty increased 60 points at 8801 and BSE Sensex rose 198 points to close at 28439. On the NSE, 33 shares closed in the green, while 18 shares ended the day in the red.

All sectoral indices closed in the green, except Metals. Bankex rose more than 216 points. Auto, Capital Goods, Healthcare increased 140 points, 118 points and 194 points, respectively. However, Metals index declined 35 points. Mid-cap and Small-cap indices increased 145 points and 117 points, respectively.

Asian markets remained positive on Monday. Shanghai increased 0.54 per cent. Hang Seng also rose 0.95 per cent. KOSPI, Nikkei rose 0.22 per cent and 0.31 per cent, respectively. Taiwan’s TAIEX increased 0.87 per cent.

European markets were also trading in positive territory.

Derivative Analysis

Nifty future closed on a positive note at 8815. Going ahead, 8895/8752 will be the immediate support levels.