Indian benchmark indices rose for the third consecutive session on Oct 05. The indices fell, recovered and ended somewhere in between though with gains. At close, the Nifty was up 86.40 points or 0.76% at 11503.40.
Volumes on the NSE were in line with recent average with buying witnessed in the IT, metal, Pharma, FMCG and banking stocks, while infra and energy indices ended in the negative.
The Nifty I.T. index ended 3.5% higher and was the top sectoral gainer. It rose for the sixth straight day and closed at an all-time high. TCS contributed to a large extent in the rise in index due to a buyback proposal to be considered on Oct 07.
Global stocks moved higher on Monday following reports that President Trump could be discharged from hospital later in the day and hopes that US lawmakers could strike a deal on new measures to stimulate the economy. Trump's hospitalization seems to have improved chances for approval of a stimulus bill.
Our markets opened higher but traders chose to take profits in select stocks ahead of the results season that will begin this week. Markets remain sensitive to news on Trump's wellbeing. Nifty could face resistance at 11586 in the near term.