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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.

We usually tend to equate trading with speculation, although they are vastly different from each other. Check out 4 key differences.

Some of these companies have seen sales degrowth in Q4 along with poor stock price performance

Some of the corporate results have been good. So, it looks as if that everything is well in the market. Maybe a couple of weeks later, you find that suddenly the mood has darkened and things are not working out and there is an air of pessimism all around.

​When the interest rates come down, you will make capital gains. Will you make money in equity? Yes, but in equity you need a six-seven-year kind of a time frame because I would not want to guess what will happen in equity over a two-year period.

European stock indexes showed a slight decline in thin trading on Monday, while Wall Street futures were optimistic after a debt ceiling deal was reached between US President Joe Biden and top Republican Kevin McCarthy. However, the deal is expected to bring only short-term relief as worries about inflation and rate increases persist. Asian stocks were mostly up, except for falling Chinese stocks after data showed profits in the industrial sector were slumping, signifying an economic slowdown. US and UK markets are closed for public holidays. Eurozone government bond yields were lower ahead of inflation data due on Wednesday and Thursday.