Sensex, Nifty Rise On HDFC Bank Boost Amid Choppy Trade

Domestic shares trudged higher on Monday on the back of a rally in HDFC Bank following strong quarterly results, although gains were limited by losses in other banks and consumer goods stocks amid rising cases of the coronavirus..After briefly dipping into negative territory from near five-week highs hit earlier in the session, the NSE Nifty 50 index was up 16.00 points - or 0.17 per cent - at 9,282.75 at 11:21 am, while the benchmark S&P BSE Sensex was up 125.82 points (0.40 per cent) at 31,714.54..."Markets may not see much action today in the absence of incremental news flow, although the recent pullback may last a little longer as investors assess the implications of the lockdown and its effect on earnings growth," said Neeraj Dewan, director at Quantum Securities in New Delhi.."Virus cases are still going up, so the only thing that is helping the markets survive are hopes of more fiscal stimulus and some response from the RBI.".The country has extended the world's biggest lockdown to early May as it tries to contain the spread of the virus, with cases rising to 17,264, including 543 deaths, as of Monday morning..Meanwhile, the chief minister of Maharashtra state, the country's largest regional economy and home to financial centre Mumbai, said on Sunday a limited number of sectors would be allowed to resume business on Monday..Asian shares were muted on expectations that a busy week of corporate earnings reports and economic data would drive home the damage done by the global virus lockdown..In Mumbai trading, shares in HDFC Bank rose as much as 5.6 per cent to their highest since March 27 after the top private-sector lender on Saturday reported an 18 per cent rise in quarterly profit and said it shortlisted three candidates for the post of chief executive officer..Smaller peer Kotak Mahindra Bank jumped 3.2 per cent on plans to raise capital, while IT firm Infosys rose 5 per cenet ahead of its quarterly results..Telecom infrastructure firm Bharti Infratel was the top loser on the Nifty 50, dropping as much as 5.9 per cent..Among other losers, consumer goods firm ITC dived 4 per cent, while Axis Bank fell 3.4 per cent. Conglomerate Reliance Industries slipped 1.8 per cent..Airline stocks took a beating after the government said no clearance had been given to begin booking tickets for journeys from May 4, a day after the lockdown is due to end..InterGlobe Aviation slid 5.5 per cent, while SpiceJet fell 2.9 per cent.

Sensex, Nifty Rise On HDFC Bank Boost Amid Choppy Trade

NDTV Profit

NDTV Profit

Follow Us

DISCOVER US FASTER

DOWNLOAD THE APP