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The Nifty Realty index was trading 0.87 per cent up at 476.65.

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The rupee finished down on Monday as the dollar strengthened and the Chinese yuan fell to a low not seen for two weeks amid concerns about economic growth in China. The rupee closed at 82.6250 to the dollar, compared to 82.5750 on Friday, while the offshore yuan tumbled to 7.09 against the dollar.

CFF Fluid Control is set to launch an initial public offering, with plans to close subscriptions on June 2 and list on the BSE SME platform on June 12. The Indian company specialises in manufacturing and servicing shipboard machinery for the Indian Navy, as well as systems for clean and nuclear energy. The issue offers 52 million equity shares for sale at Rs165 ($2) apiece, with the company hoping to raise up to INR858m ($13m). The retail-to-institutional investor ratio is 50:50. The cash raised will repay loans, fund working capital requirements and pay for equipment and "general corporate purposes.

Sectorally, consumer durables, metal, realty, auto, and banks saw buying, while some selling was seen in oil & gas, and IT counters. Smallcap stocks that are in focus include names like Ahluwalia Contracts rallied over 10% to hit a fresh 52-week high and Nucleus Software closed with gains of 20% on Monday.

While the Sensex closed at 62,846.38, up by 344.69 points or 0.55%, the broader market Nifty50 settled at 18,598.65, up by 99.30 points or 0.54%.​

Nifty formed a small-bodied bearish candle, but Nifty Bank ended above record high levels at 44,312. Nifty needs to hold above 18,500 for upward movement towards 18,650 and 18,888; otherwise, it has support at 18,333 and 18,442. The daily momentum indicator has finally provided a bullish crossover, while Nifty can witness small profit booking due to the formation of a bearish harmonic deep crab pattern on hourly charts. Meanwhile, Nifty Bank could face resistance at the 45,000 mark, and traders may consider exiting their long positions if the market falls below 18,500.

In the international markets, gold was trading lower at USD 1,944 per ounce while silver was up at USD 23.39 per ounce.

Kotak Institutional Equities has retained its ‘buy’ rating on Life Insurance Corporation of India (LIC) stock, and has raised the target price to Rs 1,000 from Rs 975 earlier. The insurance company is on track for steady value of new business growth, with the calculated VNB margin expanding to 19.2% in Q4 from 14.6% in the nine months of FY23, despite a 7% YoY decline in APE. LIC aims to focus on higher-margin products and achieve steady VNB growth. Management expects to cede market share to the private sector on its high base, assuming 7% APE growth.

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