Sensex, Nifty Gain As Fourth Quarter Earnings Season Picks Up Steam: Market Wrap
The Sensex closed 401 points, or 0.67%, higher at 60,056.10, while the Nifty 50 gained 119 points, or 0.68%, to end at 17,743.40.
India's benchmark stock indices ended near the day's high on Monday, led by gains in banking stocks after a largely positive set of earnings on Monday and over the weekend. NBFCs and the real estate sector also gained over 1% in trade, while pharma and media stocks ended lower.
Asian markets traded mixed, whereas European stocks wavered and U.S. equity futures slipped as traders weighed the latest corporate earnings reports. The Stoxx Europe 600 fluctuated in early trading, with energy companies leading declines as crude prices added to last week’s slump. Royal Philips NV jumped more than 12% in trade.
Contracts for the S&P 500 and the Nasdaq 100 extended losses following a muted end to trading last week. MSCI Inc.’s Asia Pacific Index was on course for its lowest close since the end of March.
The S&P BSE Sensex closed 401 points, or 0.67%, higher at 60,056.10, while the NSE Nifty 50 gained 119 points, or 0.68%, to end at 17,743.40.
JSW Steel Ltd., HDFC Bank Ltd., Axis Bank Ltd., Reliance Industries Ltd., and State Bank of India were among the top gainers in the Nifty 50.
Whereas, Dr Reddy's Laboratories Ltd., Bharti Airtel Ltd., Sun Pharmaceutical Industries Ltd., Maruti Suzuki India Ltd., and IndusInd Bank Ltd. weighed on the index.
All Adani Group companies, with the exception of ACC Ltd., Adani Power Ltd., Ambuja Cements Ltd., and Adani Ports and SEZ Ltd., ended down on Monday.
The broader market indices ended higher, with the S&P BSE MidCap gaining by 0.47% and the S&P BSE SmallCap rising by 0.34%.
Four out of the 19 sectors compiled by BSE Ltd. declined, while 15 sectors advanced in trade.
The market breadth was skewed in favour of the buyers. About 1,813 stocks rose, 1,586 declined, and 186 remained unchanged on the BSE.
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