The S&P BSE Sensex and NSE Nifty 50 indexes rose for a fourth day in a row on Monday led by gains in HDFC Bank after it reported stronger-than-expected June quarter earnings on Saturday. The Sensex rose as much as 459 points to hit an intraday high of 37,478.87 and Nifty 50 index was trading above its important psychological level of 11,000. HDFC Bank shares soared nearly 4 per cent after the bank, on Saturday, reported a 19.58 per cent increase in net profit at Rs 6,658.62 crore for the quarter ended June 30, compared to the corresponding period a year ago, driven by higher interest income and lower costs.
The Sensex ended 399 points or 1 per cent higher at 37,418.99 and Nifty 50 index climbed 120 points or 1.1 per cent to close at 11,022.20.
Slew of strong corporate earnings in June quarter along with easy liquidity are helping equity markets to scale new four-month highs despite the rising COVID-19 cases in the country, analysts said.
Gain in HDFC Bank contributed over 100 points towards gain in the Sensex, BSE data showed.
All sector gauges, barring the index of pharma shares, ended higher led by Nifty information Technology index's over 3 per cent gain. Banking, financial services, private bank, PSU Bank and realty sector shares were also witnessing buying interest.
Mid- and small-cap shares also witnessed buying interest as the Nifty Midcap 100 and Nifty Smallcap 100 indexes rose over a per cent each.
Britannia Industries was top Nifty gainer, the stock rose 5.12 per cent to Rs 3,978. Wipro, Infosys, Tech Mahindra, HCL Technologies, Bajaj Finance, UPL, Bajaj Finserv, Hero MotoCorp, HDFC Bank, Bharti Infratel and ICICI Bank also rose between 1-4 per cent.
On the flipside, Sun Pharma, Cipla, Tata Motors, Bharat Petroleum, Zee Entertainment, Maruti Suzuki, ITC and NTPC were among the losers.
The overall market breadth was positive as 1,522 shares closed higher while 1,165 ended lower on the BSE.
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