Sensex, Nifty Register Best Month In Over 2 Years
- Gains were led by banking and IT stocks, with the NSE's sectoral sub-indices closing 0.5Â per cent and 1.4 per cent higher respectively.Â
- Thirty-three stocks on the 50-scrip NSE benchmark index Nifty ended in the positive zone.
- Yes Bank, HUL, Ambuja Cements and TCS were the top gainers on the Nifty 50, finishing the session with gains around 2-4 per cent.
- VK Sharma, head private client group and capital market strategy at HDFC Securities, said: "The gains came on the back of the RBI circular on Friday evening liberalizing the norms for external commercial borrowing (ECB). This would will allow Indian companies to access cheaper funds from overseas markets. RBI has permitted Housing Finance Companies and port trust to avail of ECB. These relaxed norms are likely to cool-off short term yields significantly in our markets."
- HDFC closed 1.6 per cent higher. The mortgage lender reported a net profit of Rs 2,846 crore in the January-March quarter, a year-on-year increase of 39 per cent compared with Rs 2,044 crore for the quarter ended March 2017.
- Kotak Mahindra Bank rose 1.9 per cent. Kotak Mahindra Bank reported a 15 per cent rise in January-March net profit to Rs 1,124 crore, from Rs 976 crore a year ago.
- "We're following the global trend, and there has not been any major disappointment in the domestic earnings season," said Sumit Pokharna, deputy vice president, Kotak Securities.
- There is some profit-booking in Reliance Industries, plus the market was anticipating much better numbers from Jio, he added. Gains were, however, capped as index heavyweight Reliance Industries fell nearly 3 per cent.
- Reliance Industries closed at a loss of 3.2 per cent. On Friday, Reliance Industries had reported a consolidated net profit of Rs. 9,435 crore, up 17.3 per cent from Rs. 9,423 crore for the quarter ended December 2017. Reliance Jio Infocomm posted a profit of Rs 510 crore in the quarter ended March 31.
- The stock markets will remain shut on Tuesday.
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