Shares of heavyweight companies such as HDFC twins, RIL drove Sensex to log a 295-point gain on Monday with Nifty ending near 10,500 while shares of Tata Steel and Bank of Baroda rose up to 9%.
Shares of heavyweight companies such as HDFC twins, RIL drove Sensex to log a 295-point gain on Monday with Nifty ending near 10,500 while shares of Tata Steel and Bank of Baroda rose up to 9%. The S&P BSE Sensex gained 294.71 points or 0.87% to finish at 34,300.47 and NSE Nifty jumped 84.8 points or 0.81% to conclude at 10,539.75. Shares of Tata Steel, Bank of Baroda, Marico, Bajaj Finserv, PNB, Power Grid, Yes Bank, IndusInd Bank, UPL and BHEL advanced 2-9%. A market-wide recovery was seen in the Indian equities as all the broader indices and nine sectoral indices settled in green. Among the A group of shares on BSE, stocks of L&T Technology Services, Shipping Corporation of India emerged as the top gainers surging 10-12% while the stock of Fortis Healthcare, Hexaware Technologies lost 3-6%.
Shares of Tata Steel, IndusInd Bank, Yes Bank, Power Grid, HDFC, Hero MotoCorp, ONGC, L&T, Reliance Industries, Maruti Suzuki, HDFC Bank, Wipro, Bajaj-Auto, NTPC, Kotak Mahindra Bank, Asian Paints emerged as the lead gainers among the Sensex constituents rising 1-5%. The heavyweight stocks of companies such as HDFC, HDFC Bank, Reliance Industries, L&T, Tata Steel, IndusInd Bank, Maruti Suzuki, Yes Bank, Kotak Mahindra Bank, and Power Grid contributed the most in the Sensex rally. Collectively these 10 stocks added about 308 points while a decline in State Bank of India, Infosys, and ITC washed away 58 points. During the day, the benchmark Sensex jumped 345.58 points to hit a day’s high of 34,351.34 whereas the wider share indicator zoomed 100.55 points to mark the day’s high at 10,555.5.
Shares of State Bank of India fell nearly 4% in the intraday trades on Monday after India’s largest bank reported dull third-quarter results. Shares of State Bank of India witnessed a vertical decline following the first earnings reaction with the stock plunging as much as 3.84% to a day’s low of Rs 285 before closing down 2.67% at Rs 288.5 on BSE. State Bank of India posted a net loss of Rs 1,886.57 crore as compared to a net profit of Rs 2,152 crore in the comparable quarter last year. The huge under-reporting of bad loans in the past fiscal and downturn in treasury operations steered the state-run banking giant to report a loss.
All the sectoral and broader indices of NSE ended in green Nifty IT and Nifty PSU Bank index. Other than Nifty 50, Nifty Next 50, Nifty 100, Nifty 200, Nifty 500, Nifty Sml100 Free, Nifty Mid100 Free and Nifty Midcap 50 rose 0.9-2%. While amid the sectoral indices, Nifty Bank, Nifty Fin Service, Nifty Auto, Nifty Media, Nifty Metal, Nifty Pvt Bank, Nifty Realty and Nifty Pharma led the charge rising up to 1.7% while Nifty PSU Bank and Nifty It shed up to 0.6%. India Vix, the indicator of volatility, closed down 7% 17.8825 before plummeting 13.84% to 19.23.