India's stock market opened higher on Monday with Sensex jumping 272 points and Nifty reclaiming 10,500-mark. SBI shares tanked over 3% while stocks of Tata Steel and ONGC gained over 3% each.
India’s stock market opened higher on Monday following a sharp recovery on Wall Street on Friday last week with Dow Industrials rising 33o-points and better Q3 earnings by some of the blue-chip companies. The S&P BSE Sensex gained 272.48 points to hit the day’s high of 34,278.24 whereas NSE Nifty marked the day’s peak of 10,538.1, up by 83.15 points. Shares of State Bank of India witnessed a vertical decline after reporting weak Q3 numbers with a net loss of Rs 1,886.57 crore, on the results reaction, the stock of SBI tanked as much as 3.84% to a day’s low of Rs 285. The stocks of GAIL India, Bank of India, Britannia Industries, Indian Hotels, General Insurance Corporation of India, Power Finance Corporation will be in close watch ahead of their respective Q3 results due later today.
Shares of ONGC, Tata Steel, Sun Pharma, Bharti Airtel, Axis Bank, Hero MotoCorp, L&T, Yes Bank, Kotak Mahindra Bank, Adani Ports, Reliance Industries and Dr Reddy’s were the major gainers among Sensex constituents rising 1-3%. The stocks of heavyweight companies such as HDFC Bank, RIL, L&T, ITC, Tata Steel, ONGC, Kotak Mahindra Bank, Infosys, TCS, Axis Bank, ICICI Bank and Maruti Suzuki contributed the most to the Sensex upsurge. Collectively these 12 stocks added about 211 points while a decline in SBI shares washed off 34 points out of the index. The benchmark Sensex started the day at 34,203.34 up by 197.58 points while broader Nifty began at 10,518.2 up by 63.25 points.
All the sectoral and broader indices of NSE traded in green except Nifty PSU Bank index. Other than Nifty 50, Nifty Next 50, Nifty 100, Nifty 200, Nifty 500, Nifty Sml100 Free, Nifty Mid100 Free and Nifty Midcap 50 rose up to 2%. While among the sectoral indices, Nifty Auto, Nifty Media, Nifty Metal, Nifty Realty and Nifty FMCG led the charge rising up to 2% while Nifty PSU Bank shed 0.8%. India Vix, the indicator of volatility, dropped as much as 7.34% to 17.8175. Other major companies which are also lined up with third-quarter report card are CG Power And Industrial Solutions, Corporation Bank, Eris Lifesciences, GlaxoSmithKline Consumer, Indian Bank, J Kumar Infraprojects, JK Tyre, MEP Infra, SCI, UFO Moviez India and United Bank of India.
US stocks ended a wild week with a burst of buying, pushing the S&P 500 up 1.5% on Friday, but still recorded their worst week in two years, and investors braced for more volatile trading days ahead, Reuters said in a report. The Dow Jones Industrial Average rose 330.44 points or 1.38% to 24,190.9, the S&P 500 gained 38.55 points or 1.49% to 2,619.55, and the Nasdaq Composite added 97.33 points or 1.44% to 6,874.49.