Indian stock markets rose for the third consecutive day on Monday with the BSE Sensex retaking the psychological mark of 35,000 for the first time in last two months following the hopes of better-than-expected corporate earnings.
Indian stock markets rose for the third consecutive day on Monday with the BSE Sensex retaking the psychological mark of 35,000 for the first time in last two months following the hopes of better-than-expected corporate earnings. BSE Sensex gained 190.66 points or 0.55% to finish the day at 35,160.36 while NSE Nifty added 47.05 points or 0.44% to finish the day at 10,739.35 on Monday. Sentiment got a boost after the RBI on Friday further liberalised External Commercial Borrowing (ECB) policy by including more sectors in the window, in a bid to facilitate easy access to overseas funds for India Inc, PTI said in a report citing unidentified brokers.
Shares of Kotak Mahindra Bank advanced 2.5% to a day’s top of Rs 1,218.3 before concluding up 1.83% at Rs 1,210.35 on BSE on Monday after India’s fourth-largest bank by assets Kotak Mahindra Bank posted a rise of 27% in consolidated net profit to Rs 1,789 crore for the quarter ended 31 March 2018 following a marginal rise in the provisioning as the asset quality improved in the reporting period.
Shares of HDFC Ltd jumped 1.84% to a day’s high of Rs 1,892.05 before settling up 1.44% at Rs 1,884.65 on Monday on BSE after India’s largest housing financier Housing Development Finance Corporation Ltd declared a final dividend of Rs 16.5 per equity share for the financial year 2017-2018. The mortgage lender giant HDFC reported an increase of 28.63% rise in the consolidated net profit to Rs 3,961.17 crore for the quarter ended 31 March 2018 as compared to a net profit of Rs 3,079.33 crore in the January-March quarter of the financial year 2016-2017.
Shares of Yes Bank, HUL, TCS, L&T, SBI, Asian Paints, M&M, Adani Ports, Wipro, Infosys, HDFC Bank, Tata Motors emerged as the major gainers among the components of BSE Sensex on Monday. While, on the other hand, shares of Axis Bank and Reliance Industries were the biggest losers on Sensex today. Today was the highest closing of BSE Sensex since 1 February 2018 when it ended at 35,906.66.