Stock Market Highlights: Sensex, Nifty End Higher Tracking Global Cues; Dr. Reddy's Labs Top Gainer
The NSE Nifty 50 ended 111.55 points, or 0.5% higher at 22,508.75, while the BSE Sensex added 341 points or 0.46% to close up at 74,169.95.
India's benchmark equity indices ended higher on Monday, following a jump in global markets. The Nifty and Sensex snapped a two-day decline from the previous week. Dr. Reddy's Laboratories Ltd. and Bajaj Finserv Ltd. were the top gainers.
The NSE Nifty 50 ended 111.55 points, or 0.5% higher at 22,508.75, while the BSE Sensex added 341 points or 0.46% to close up at 74,169.95. Intraday, Nifty gained 0.8%, while Sensex jumped 0.74%.
Benchmarks in Japan, South Korea, Hong Kong, Australia and Taiwan saw advances, while US futures for S&P 500 and Dow Jones Industrial Average were down.
Shares of ICICI Bank Ltd., Axis Bank Ltd., and Mahindra & Mahindra Ltd. contributed most to Nifty's gain in terms of point contribution.
On the other hand, Reliance Industries Ltd., ITC Ltd., and State Bank of India weighed on the index.
Seven out of the 12 sectors on the NSE fell. Nifty Pharma and Nifty Finance closed in green, while Nifty Media fell the most.
Pharma stocks gained as BofA said the impact from 10% tariff on pharma from the US will be manageable, with case for pass through by manufacturers. The brokerage has Apollo Hospitals along with Divi's Labs as its top picks as the sector is expected to see limited impact from tariffs.
On the BSE, IT, Realty and FMCG were the only three of the 21 sectors to decline. BSE Healthcare gained the most.
The broader markets ended mixed, with the BSE MidCap ending 0.77% higher and the SmallCap falling 0.02%.
The market breadth was skewed in the favour of sellers as 2,503 stocks declined, 1,608 advanced and 130 remained unchanged on the BSE.
