Indian stock markets extended gains after opening slightly higher on Monday ahead of the Q4 earnings of India's second-largest private sector lender ICICI Bank due later today with Sensex gaining over 100 points.
Indian stock markets extended gains after opening slightly higher on Monday ahead of the Q4 earnings of India’s second-largest private sector lender ICICI Bank due later today with Sensex gaining over 100 points. Going ahead in the week, the domestic equities are most likely to be steered by the upcoming Q4 results, movements in crude oil and Indian rupee vs US dollar, uncertainties over Karnataka Elections 2018. BSE Sensex topped a day’s high of 35,061.56 after opening up 68.21 points at 34,983.59 whereas NSE Nifty marked a day’s high of 10,659.8 after opening 34.9 points higher at 10,653.15 on Monday.
Shares of Bajaj Auto, M&M, Axis Bank, Bharti Airtel, Tata Steel, HUL, ITC, Wipro, ONGC, ICICI Bank, Infosys and SBI emerged as the lead gainers among the components of BSE Sensex. Meanwhile, India’s 10-year benchmark bond rallied on Monday taking comfort from the Reserve Bank of India’s unexpected announcement last week about the purchase of sovereign bonds via an open market operation. The 10-year benchmark bond yield opened at 7.6% sharply lower from its Friday close of 7.73%.
Shares of the Delhi-based jewellery maker PC Jeweller recovered heavily on Monday after the share price was beaten down on the news reports that the Central Bureau of Investigation has arrested its Chief. The stock of PC Jeweller rocketed 37.67% to a day’s high of Rs 240.3 on BSE on Monday. Shares of Wockhardt pharma shed as much as 10.6% to a day’s bottom of Rs 717.75.
The three major U.S. stock indexes rose more than 1% on Friday after weaker-than-expected US wage growth helped to calm investor fears about rising interest rates and inflation, though the S&P 500 and Dow Industrials still posted losses for the week, Reuters said in a report. Apple Inc provided the biggest boost as it jumped to a record high of $184.25 during the session after Warren Buffett’s Berkshire Hathaway Inc disclosed that it had raised its stake in the iPhone maker. Apple shares ended Friday’s session up 3.9% at $183.83, Reuters added. The Dow Jones Industrial Average rose 332.36 points or 1.39% to 24,262.51, the S&P 500 gained 33.69 points or 1.28% to 2,663.42 and the Nasdaq Composite added 121.47 points or 1.71% to 7,209.62.