Indian stock markets ended higher for the eighth straight session on Monday with Sensex clinching up 100 points and Nifty retaking the 10,500-mark led by the gains in the heavyweight shares of HDFC twins, ITC and Kotak Mahindra Bank.
Indian stock markets ended higher for the eighth straight session on Monday with Sensex clinching up 100 points and Nifty retaking the 10,500-mark led by the gains in the heavyweight shares of HDFC twins, ITC and Kotak Mahindra Bank. Interestingly, Uday Kotak-led Kotak Mahindra Bank toppled India’s largest bank by assets State Bank of India to become country’s second-largest bank by market capitalisation on Monday. The domestic markets finished higher on Monday after trading in negative territory up until the mid-morning session led by an uptick in the shares of HDFC, ITC, Kotak Mahindra Bank and HDFC Bank. Indian equities posted their longest higher streak since late-November 2017.
Among the series of major macroeconomic data, the wholesale price inflation eased to 2.47% in the month of March on the back of decline in the prices of food items, especially vegetables and pulses. The Wholesale Price Index (WPI), inflation was at 2.48 % in February and 5.11% in March 2017.
Shares of Tata Motors and Infosys were the top laggards among the components of BSE Sensex today. The stock of Tata Motors dropped 4.96% to settle at Rs 338.95 while the share of India’s second-largest IT company Infosys plunged 3.1% to close at Rs 1,132.8 on BSE. Shares of Hero MotoCorp, Kotak Mahindra Bank, Adani Ports, Bajaj Auto, M&M, HDFC, NTPC, ITC, Asian Paints, Sun Pharma, TCS and Maruti Suzuki surged more than 1% on Monday emerging as the top gainers on BSE Sensex. In the intraday deals, the benchmark Sensex shuttled between a day’s low and high of 33,899.34 and 34,341.46.
Among the ‘A’ group shares of BSE, stocks of Vakrangee, Reliance Communications and UCO Bank shed 4 to 7% whereas Gruh Finance, Nava Bharat Ventures, DHFL, Cipla, DCB Bank, Indiabulls Real Estate, Jai Corp, Indiabulls Ventures rose 4 to 20%, Indiabulls Ventures being the top gainers. All the sectoral indices of National Stock Exchange finished in green barring Nifty IT and Nifty PSU Bank while Nifty FMCG, Nifty Pharma and Nifty Realty surged more than 1% today.
Global shares were mixed in Asia on Monday, with Chinese benchmarks leading declines in Asia. The air strikes on Syria appeared to be having scant impact on trading, and oil prices fell back, Associated Press said in a report. Among the regional Asian markets, Japan’s Nikkei closed 0.3% higher to 21,835.53, South Korea’s Kospi went up by 0.1% to end at 2,457.49 while Hong Kong’s Hang Seng shed 1.6% to conclude at 30,315.59 and China’s Shanghai Composite dropped 1.5% to finish the day at 3,110.65.