Indian equities started higher on Monday as crude oil prices witness a steep drop with Brent crude nearing $75 per barrel mark after world’s biggest oil producers the United States, Russia and Saudi Arabia ramped up the output. BSE Sensex fired up 176 points with shares of India’s largest pharmaceutical company Sun Pharma leading the index with the share price rising nearly 7% after Q4 results. Other than Sun Pharma, shares of HDFC Bank, ICICI Bank and L&T were the top contributors in uplifting the index in the morning deals. The S&P BSE Sensex rose 180 points to a day’s top of 35,104.88 whereas NSE Nifty jumped 67.95 points to a day’s high of 10,673.1 on Monday.
Shares of Sun Pharma were the top gainers among constituents of BSE Sensex. Sun Pharma stock surged 6.84% to Rs 498.5 from a share price level of Rs 466.55 after the pharma major reported an increase of nearly 7% in the consolidated net profit to Rs 1,308.96 crore for the quarter ended 31 March 2018.
Shares of ICICI Bank (up 1.18%), Axis Bank (1.14%), Yes Bank (up 1.15%), Coal India (up 1.27%), Maruti Suzuki (up 1.06%), ONGC (up 0.94%), L&T (up 0.91%) and SBI (up 0.84%) were the top gainers while shares of TCS (down 1.28%), Wipro (down 0.3%) and IndusInd Bank (down 0.6%) were the top losers among the components of BSE Sensex.
Shares of PC Jeweller shed as much as 10% to Rs 173.25 on BSE even after the New Delhi-based jewellery maker posted a rise of 7.47% in the standalone net profit to Rs 118.28 crore for the quarter ended 31 March 2018.
Earlier on Friday last week. US stock markets ended on a flatter note after a sharp decline in crude oil prices. The S&P 500 and the Dow eased on Friday after a steep drop in oil prices pressured energy stocks, but losses were limited by gains in chipmakers and retail stocks, Reuters said in a report. President Donald Trump said on Friday the summit with North Korean leader Kim Jong Un could still take place on June 12 as originally planned, a day after cancelling it, the report added. The Dow Jones Industrial Average fell 58.67 points or 0.24% to 24,753.09, the S&P 500 lost 6.43 points or 0.24% to 2,721.33 and the Nasdaq Composite added 9.43 points or 0.13% to 7,433.85.