Benchmark indices BSE Sensex and NSE Nifty extended gains for the fourth consecutive trading session on Monday on account of buying in index heavyweights such as Reliance Industries after oil prices recovered from steep losses in the previous session amid a strong opening in European markets.

Sensex closed 79.64 points, or 0.34 per cent, up at 23,788.79, while Nifty 50 index advanced 23.80 points to 7,234.55.

In the 50-share index, HUL, Bosch, UltraTech Cement, ZEEL and Sun Pharma shares surged between 2.06 per cent and 3.96 per cent. On the other hand, Tech Mahindra, NTPC, GAIL, Maruti Suzuki and ITC slid between 1.62 per cent and 2.19 per cent.

Barring, the BSE Power index (down 0.33 per cent), BSE IT index (down 0.27 per cent) and BSE TECk index (down 0.04 per cent), rest all other sectoral indices on BSE closed in green. The BSE Healthcare index gained the most — 1.10 per cent, followed by BSE Oil & Gas index (up 0.97 per cent) and BSE Telecom index (up 0.88 per cent).

Vinod Nair, head, fundamental research, Geojit BNP Paribas Financial Services, said, “A rise in oil prices and signs of stabilisation in global market is providing a relief rally to the Indian market. The upcoming economic survey and Union Budget will portray the market direction further.”

Overall market sentiments also remained upbeat with the Organisation for Economic Cooperation and Development (OECD) raising India’s growth forecast compared to 7.3 per cent expansion projected in November 2015. It has said that Indian economy will continue to see robust growth at 7.4 per cent in the next financial year even as only modest recovery is expected in advanced economies. Meanwhile, Finance Ministry has said that the quality of government expenditure has improved significantly in the current fiscal and is resulting in high growth. The Plan Expenditure during April-December showed significant improvement. According to CGA data, it was 74.4 per cent of Budget Estimate at the end of December, as compared to 61.3 per cent a year ago.

Market breadth for the day remained mildly positive and advances to declines ratio for Nifty stood at 30:20 for the day.

Asian markets ended mostly higher on Monday, extending last week’s advance, as the yen weakened after the release of disappointing manufacturing data, oil prices stabilised and investors welcomed news over the weekend that China’s top securities regulator has been replaced. China stocks ended higher, led by property and resources shares, as investors welcomed Beijing’s decision to replace the top securities regulator and on signs the government was stepping up its economic stimulus efforts.

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Markets through the day

3.30 pm: Sensex closed 79.64 points, or 0.34 per cent, up at 23,788.79, while Nifty 50 index advanced 23.80 points to 7,234.55.

3.07 pm: European shares were higher in early trading on Monday following gains in Asia, and helped by a recovery in the prices of crude oil and other commodities. Sensex was trading 69.30 points up at 23,778. Nifty was up 26 points at 7,236.

2.47 pm: IDBI Bank, the public sector lender is planning to raise up to Rs 1,500 crore by selling stake to Life Insurance Corporation of India (LIC) by preferential issuance of shares to the insurer. The bank has already received its board’s approval for preferential issue of capital to LIC, aggregating up to Rs 1,500 crore (inclusive of premium amount) subject to Government of India’s approval. Currently, LIC and various other schemes hold 7.25% stake in IDBI Bank. Last week, the bank also got board approval for raising up to $500 million through tier I bonds. Shares of IDBI Bank were trading 2.83 per cent up at Rs 56.40. Sensex was up 84 points at 23793. Nifty was trading 24.35 points up at 7,235.

2.06 pm: Sensex was up 144 points at 23,852.

1.47 pm: Sensex was trading 126 points up at 23,836. Nifty was up 17.85 points at 7,228.60. Godrej Properties shares were trading 2.15 per cent up at Rs 280.85. Godrej Properties is aiming to garner sales revenue of about Rs 1,500 crore this year through monetisation of its commercial assets in Mumbai, Kolkata and Chandigarh. The company has completed the construction of its commercial properties at Kolkata and Chandigarh, while the BKC project would be completed in next 3-4 months.

1.01 pm: ITC shares fell as much as 3.70 per cent on Monday on worries that the government may raise excise duties for ciagrettes in the upcoming Union Budget 2016 on February 29. Shares of ITC were trading 2.36 per cent down at Rs 297.65.

12.50 pm: Sensex was up 52 points at 23,767. Sharekhan in a research note said, the BSE Sensex is trading at an 8-10 per cent discount to its mean valuation. While immediate triggers for valuation expansion are limited, investors have an opportunity to build a long-term portfolio as quality stocks are available at reasonable valuations.

12.33 pm: Meanwhile, Asian Paints has informed BSE that the operations at the company’s paint plant situated at Rohtak, Haryana, have been shut down w.e.f. February 19, 2016, due to Jat agitation at IMT, Rohtak. Shares of Asian Paints were trading 1.09 per cent up at Rs 863.40.

12.09 pm: Bosch shares were trading 3.91 per cent up at Rs 17,408.75. The scrip rallied over 10 per cent from its 52-week low levels of Rs 15,752.65 which it hit on February 12 this year. Sensex was up 72 points at 23,784.

12.02 pm: Meanwhile, Bombay Stock Exchange (BSE) on Monday said ‘one person company’ (OPC) can act as a stock broker provided the entity has at least two directors. However, such broker will not be permitted to trade in his proprietary account.

11.28 am: Shares of Heritage Foods were trading 0.66 per cent up at Rs 502. Hyderabad-based Heritage Foods is exploring multiple options to turn its retail operations profitable in the next two years with the help of a new set of investors and strategic partners, said Dharmendar Matai, COO, Retail & Bakery, Heritage Foods after being felicitated as the top 100 influential Leaders in the retail space at the Asia Retail Congress 2016.

The company is planning to invest up to Rs 20 crore every year to expand its stores across cities such as Bengaluru, Chennai and Hyderabad, he said.

11.14 am: Divis Laboratories was trading higher on the BSE after the company said that the US health regulator has conducted a successful inspection of its Unit-2 facility at Visakhapatnam this month. Shares of Divis Labs were trading 1.05 per cent up at Rs 1,004.30. Sensex was up 58 points at 23,767.

10.50 am: Foreign portfolio investors (FPIs) sold shares worth a net Rs 191.73 crore during the previous trading session on Friday, 19 February 2016, as per provisional data released by the stock exchanges. On the sectoral front, most of the indices on BSE were trading in green, with prominent gainers being the stocks from capital goods, realty, metal, auto and bankex counters. On the flip side, stocks from FMCG and consumer durables counters were the only losers. Sensex was up 77 points at 23,786. Nifty was up 23.35 points at 7,234.

10.22 am: Brokers said retail investors lapping up shares, taking positive cues from other Asian bourses and cheered by rising oil prices, influenced sentiment here. Sensex was trading 78.16 points up at 23,787.

10.00 am: Sensex was up 64 points at 23,773. After the global rating agency Moody’s pegged India’s growth at 7.5% for next two years, saying that it’s insulated from turmoil, the Organisation for Economic Cooperation and Development (OECD) too has raised India’s growth forecast compared to 7.3 percent expansion projected in November 2015. OECD said that Indian economy will continue to see robust growth at 7.4 percent in the next financial year even as only modest recovery is expected in advanced economies.

9.55 am: Shares of ONGC were trading 1.21 per cent up at Rs 213.70. ONGC has received its board’s approval for Rs 5,050 crore investment in Tripura for drilling of wells and creation of surface facilities to produce 5.1 mmscmd gas from the state’s fields. The company’s board gave approval for the same at its meeting held at New Delhi on February 11.

9.54 am: The rupee weakened by 23 paise to trade at fresh 30-month low at 68.69 against the American currency in early trade on Monday as the dollar firmed up overseas.

9.50 am: Sensex was trading 103.77 points up at 23,812.92. HDFC Mutual Fund has launched the HDFC FMP 1148D February 2016 (2), a close ended income scheme. The NFO opens for subscription on February 22, 2016 and closes on March 02, 2016. No entry load and exit load will be applicable for the scheme. The minimum subscription amount is Rs 5,000.

ICICI Prudential Mutual Fund has launched the ICICI Prudential Fixed Maturity Plan-Series 78-1145 Days Plan O, a close ended income scheme. The NFO opens for subscription on February 22, 2016 and closes on February 25, 2016. No entry load and exit load will be applicable for the scheme. The minimum subscription amount is Rs 5000. The scheme’s performance will be benchmarked against CRISIL Composite Bond Fund Index and its fund managers are Rahul Goswami, and Rohan Maru.

9.48 am: Sensex was up 95.81 points, or 0.40 per cent, up at 23,804.96. Nifty was trading 27.75 points up at 7,238.50.

9.39 am: JK Tyre & Industries has received an approval from Competition Commission of India (CCI) in relation to its proposed acquisition of Cavendish Industries. Earlier on September 12, 2015, JK Tyre and its subsidiary JK Asia Pacific Singapore, had signed a binding term sheet with Kesoram Industries (KIL) to acquire 100 per cent equity in Cavendish Industries for Rs 2,200 crore. Shares of JK Tyre were trading 1.43 per cent up at Rs 81.85.

9.27 am: Sensex was up 31.24 points at 23,740.39. Nifty was trading 1.10 points up at 7,211.85. Shree Cement has emerged has the highest bidder for Limestone deposit at Village Karhi Chandi, District-Baloda Bazar- Bhatapara of Chhattisgarh having estimated reserve of 155 million tonne spread over 242 hectares in an e-auction conducted by Government of Chhattisgarh. Shree Cement the leading cement manufacturing in North India was incorporated in the year 1978. Its cement plants are located at Beawar, Ras, Khushkhera, Jobner and Suratgarh in Rajasthan and Laksar (Roorkee) in Uttarakhand. Shares of Shre Cement were trading 1.38 per cent up at Rs 10,800.

9.21 am: In the 50-share index, Maruti, ITC, HDFC, Cairn India and Hero MotoCorp were down between 0.80 per cent and 2.25 per cent. On the other hand, Bosch, Bank of Baroda, Ambuja Cement, BHEL and Cipla were trading up between 0.74 per cent and 2.13 per cent.

9.16 am: Sensex was trading 21.66 points, or 0.09 per cent, down at 23687.49. Nifty was down 5.15 points at 7,205.60. Maruti Suzuki shares were trading 1.76 per cent down at Rs 3518.20.

9.11 am: The 30-share index Sensex opened 74.32 points up at 23,783, while the 50-share index Nifty opened 1.90 points down at 7,208.85

8.42 am: The BSE Sensex and NSE Nifty are likely to open on a flat to cautious note on Monday tracking SGX Nifty and global markets.

At 8.25 am, SGX Nifty was down marginally 3 points, or 0.04 per cent, at 7,197.

Asian share markets edged cautiously higher on Monday as investors awaited a rush of February industry surveys to take the pulse of the global economy, while sterling suffered on concerns the UK might yet vote to leave the European Union. Hang Seng, Nikkei and Shanghai were trading up by 0.76 per cent, 0.58 per cent and 1.64 per cent, respectively.

The Dow Jones industrial average fell 21.44 points, or 0.13 percent, to 16,391.99 on Friday. The S&P 500 lost 0.05 points, ending roughly flat, at 1,917.78. The Nasdaq Composite added 16.89 points, or 0.38 per cent, to 4,504.43.

Shares of Maruti Suzuki and IDBI Bank will remain in focus on Monday. The country’s largest carmaker Maruti Suzuki India suspended operations at its two plants in Gurgaon and Manesar as component supplies have been hit by the agitation of Jats demanding job reservation.

State-owned IDBI Bank on Saturday said it plans to raise up to Rs 1,500 crore by selling stake to Life Insurance Corporation (LIC) by preferential issuance of shares to the insurer.

Last week, both the benchmark indices BSE Sensex and NSE Nifty registered their best weekly gains since October 2015, with the Sensex soaring 723.03 points, or 3.14 per cent, and Nifty 229.80 points, or 3.29 per cent.

(With agency inputs)