Nifty regains 9,200-mark; Reliance shares up 2%
Indian markets' opens positive on Monday tradings with Nifty 50 regaining its above 9,200-mark ahead of earning season and start of financial year 2017-18.
At 9.19 am, Sensex was trading at 29,746.26 up by 125 points or 0.42%, while Nifty was trading at 9,205.05 increasing by 31 points or 0.34%.
Top gainers on BSE were - Reliance Industries at Rs 1,347.90 per share (2.18%), followed by Mahindra & Mahindra at Rs 1,299.15 per share (1.12%), Tata Motors at Rs 470.95 per share (1.07%), Hero Motocorp at Rs 3,251.35 per share (0.85%) and State Bank of India at Rs 294.70 per share (0.72%).
Losers were - Bharati Airtel at Rs 342.05 per share (2.26%), Wipro at Rs 511.25 per share (0.80%) and Coal India at Rs 291.65 per share (0.39%).
Infosys shares were slightly up trading at Rs 1,024.40 per share higher by 0.35%. N. R. Narayana Murthy co-founder of Infosys in an emailed statement on Sunday spoke up against the pay hike being given to the company’s Chief Operating Officer U B Pravin Rao.
“Giving nearly 60-70% increase in compensation for a top-level person, even including performance-based variable pay, when the compensation for most of the employees in the company was increased by just 6-8% is, in my opinion, not proper,” Media reports quoted Murthy’s email.
Analysts at Motilal Oswal said, "Auto stocks will react to monthly numbers. Maruti, Tata Motors are preferred plays in auto from an investment perspective. Power, Infra stocks could remain in limelight on back of govt action."
They added, "Liquor stocks will likely take a beating on back of Supreme Court order. RBI is expected to maintain status quo on policy rates. Govt action to address NPA concerns could keep investor interest in banks."
While HDFC Securities said, "If Nifty trades above 9180 level on Monday then traders could expect positive move in the Nifty towards 9200 followed by 9240 level. If Nifty sustains below 9180 level for first hour of trade then traders may see down move, which could take Nifty towards 9120 level followed by 9080 level."
Asian stocks opened positive on Monday with Japan's Nikkei 225 trading at 18,977.37, up 68 points or 0.36%.
China's Shanghai Composite Index was trading at 3,222.51 up by 12 points or 0.38%, while Hong Kong's Hang Seng was trading at 24,229.83 higher by 118 points or 0.49%.