All the Nifty sectoral indices were trading higher. Nifty Financial Service, Nifty Private Banks, Nifty Bank indices were up over 2.5 per cent each.
Bouncing back from the losses in the previous session, BSE Sensex and Nifty 50 were trading with nearly 2 per cent gains on Monday, mirroring the positive global cues. S&P BSE Sensex advanced 523 points or 1.67 per cent to 31,850, while the NSE’s Nifty reclaimed the crucial 9,300-mark. Reliance Industries, HDFC, Kotak Mahindra Bank and Infosys were among the top contributors to the index. As many as 26 stocks out of 30 Sensex stocks were trading in positive territory with Kotak Mahindra Bank as the top gainer with a growth of 4 per cent. Sun Pharma, RIL, HDFC, Maruti and Axis Bank were among the other Sensex gainers.
Top losers on Sensex: Just 4 stocks out of 30 Sensex stocks were trading in red today. These were Bajaj Finance, NTPC, Asian Paints and Power Grid.
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Nifty Financial Services, Nifty Private Bank up 2.5% each: All the Nifty sectoral indices were trading higher. Nifty Financial Service, Nifty Private Banks, Nifty Bank indices were up over 2.5 per cent each. Nifty Pharma index was also trading higher. “Since April 2015 Nifty Pharma has corrected more than 50% From 14000 to 6242. In the consolidation of the last 5 years, it has consistently tested and reversed from the downward sloping trendline. In the current month, it is showing good chances of penetrating the said trendline. So, the next four trading sessions should be observed for confirmation of a breakout,” Vishal Wagh, Research Head, Bonanza Portfolio Ltd, said.
Global markets: Asian stock markets edged higher on Monday ahead of earnings and central bank meetings, along with an anticipation of more stimulus steps by Bank of Japan. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1% in early trade. Japan’s Nikkei gained 1.1%, while E-Mini futures for the S&P 500 dipped 0.4%. As some states in US prepared for lockdown relaxations, Wall Street ended higher on Friday. Apple and Microsoft share prices climbed more than 1% each, lifting the S&P 500 more than any other companies. The Dow Jones Industrial Average jumped 1.11% to end at 23,775.27 points, while the S&P 500 gained 1.39% to 2,836.74. The Nasdaq Composite added 1.65% to 8,634.52.
Bank of Japan eases monetary policy: The Bank of Japan decided at a meeting Monday to ease monetary policy, including expanding the purchase of commercial papers and corporate bonds, which work to deliver cash to companies, PTI reported.