Nifty reached record high with gains

Mumbai Devarsh Vakil, deputy head of retail research at HDFC Securities, said the Nifty rose to a record high in the fourth session of trading on Monday.

In the morning trade, Nifty jumped to a high of 22,440 but then came down slightly and closed at 22,405.60 with a gain of 27 points on Monday.

The lawyer said, Nifty Smallcap 100 index fell 0.50 per cent against Nifty’s gain of 0.12 per cent. During this period, the number of declining shares was more than the rising shares.

If we look at the sectoral indices, Nifty Oil/Gas, Bank and Pharma gained the most, while Nifty Media, IT and FMCG declined the most. NTPC, HDFC Life and Power Grid were the top gainers, while JSW Steel, Eicher Motors and M&M were badly hit, he said.

Wind energy stocks also declined on Monday on fears of a tariff drop.

Vinod Nair, head of research at Geojit Financial Services, said the market traded in a limited range due to weak global cues. Cautious investors focused on particular stocks.

Moreover, weak consumption data influenced investors to avoid FMCG stocks.