India's benchmark stock indices ended higher for the second day on Monday, led by gains in shares of ICICI Bank Ltd., Larsen & Toubro Ltd., and Infosys Ltd.
The NSE Nifty 50 settled 189.40 points or 0.86%, higher at 22,336.40, and the S&P BSE Sensex gained 560.29 points or 0.77%, to end at 73,648.62.
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Intraday, the NSE Nifty 50 rose 1.03% to 22,375.65, and the S&P BSE Sensex rose 0.93% to 73,767.80.
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The Indian market extended Friday's relief rally as West Asia tension saw some respite, though the situation remains fluid, said Vinod Nair, head of research at Geojit Financial Services. "The recovery was broad-based across sectors, with renewed interest in mid- and small caps. Gold and oil prices showed some relief but are still at elevated levels."
"Hawkish remarks from the U.S. Federal Reserve, driven by persistent inflation and robust economic data, spurred a rally in bond yields. The prevailing higher interest rate environment is expected to persist longer than expected, which, along with the moderating earnings growth, suggests a continuation of the consolidation in the near term," he said.
The earnings season will remain in focus, with several prominent companies, including Bajaj Finance Ltd., HCL Technologies Ltd., Maruti Suzuki India Ltd., Nestle India Ltd., Reliance Industries Ltd., and Tech Mahindra Ltd., expected to report their Q4 financial results this week, said Avdhut Bagkar, technical and derivatives analyst at StoxBox.
ICICI Bank Ltd., Larsen & Toubro Ltd., Infosys Ltd., Axis Bank Ltd., and Reliance Industries Ltd. added positively to the benchmark
HDFC Bank Ltd., NTPC Ltd., JSW Steel Ltd., IndusInd Bank Ltd., and Tata Steel Ltd. limited gains in the index.
All 12 sectors ended higher on NSE, with the NSE Nifty PSU Bank index emerging as the top performer.
Broader markets ended higher on BSE. The S&P BSE Midcap index settled 0.93% higher and the S&P BSE Smallcap index rose 1.23%.
On BSE, 20 sectors ended higher with the S&P BSE Consumer Durables index rising the most among sectoral indices.
Market breadth was skewed in favour of the buyers. Around 2,622 stocks rose, 1,281 stocks declined, and 154 stocks remained unchanged on BSE.
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