How has Sensex performed in months with Monday the 1st as trading day?
Indian headline index S&P BSE Sensex started July trade on Monday, which is also the first day of the month, jumping by over 400 points. An ETMarkets analysys of Sensex's performance in months beginning with Monday since 2020 reveals that the 30-stock index has given positive closing on five out of seven occasions.
Indian headline index S&P BSE started trade on Monday, which is also the first day of the month, jumping by over 400 points. An ETMarkets analysys of Sensex's in since 2020 reveals that the 30-stock index has given positive closing on five out of seven occasions.After the market debacle on March 23, 2020 following the , markets clawed their way back to end June with near 8% gains on a month-on-month basis. It was also the month where Sensex started its June trading journey on which was also the first day of the month. There have been six other instances (excluding today) since then when the markets have started trading on Monday the 1st.
February 1, 2021 was a Monday and Sensex delivered close to 6% returns during the month. Likewise March 1, 2021, August 1, 2022 and April 1, 2024 were all Mondays. The returns by the Sensex in the respective months were at 0.83%, 3.42% and 1.13%.
Meanwhile, November 1, 2021 and January 1, 2024 were also Monday and the Sensex in the said months delivered negative returns of 3.78% and 0.68%.
Today is the eighth time when the trading has started on Monday which also happens to be the first day of the month. The day's gains were on the back of strong show from heavyweights like HDFC Bank, and (TCS) which were among top index contributors. While was up by over 1%, Infosys and TCS gained up to 2%.
Motilal expects the positive trajectory to continue in in the July series. The index has to hold above 23,750 for an upward move towards 24,500 and then 25,000. The supports are placed at 23,500 then 23,000 zones. The buying interest is visible in most of the sectoral indices and mainly in banking, auto, metal, realty and IT sector.
Meanwhile, Nuvama highlighted July as historically being a month for bulls with Nifty settling in the green 90% of the time over the past 10 years, averaging 3.5% returns. "We expect this bullish momentum to continue, as there are still no signs of exhaustion," it said, estimating Nifty to touch the 24,500 mark in the next few days, with strong support coming from private banks and IT.
(Data Input: Ritesh Presswala)
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Source: Stocks-Markets-Economic Times
