Sensex, Nifty settle at three-month high; ICICI Bank gains 2% ahead of Q4 FY18 results
Sensex today: Mahindra and Mahindra, ICICI Bank, Axis Bank, Tata Steel and Reliance Industries were the top gainers, while Coal India, Dr Reddy's Lab, Tata Cosultancy Services (TCS), Sun Pharma and HDFC Bank were the major losers on Sensex.
Sensex today: The Sensex and Nifty gained over 1 per cent, closing at over three-month high, on Monday thanks to gains in banking stocks such as ICIC Bank, Axis Bank and Punjab National Bank. The Sensex spurted 293 points to end at 35,208.14 while the broader Nifty regained the 10,700-mark. The 50-share index settled at 10,715.50, up 97.25 points, or 0.92 per cent. Both the indices snapped three-session long losing spree.
In the broader market, the BSE Midcap gained 0.5 per cent, while the BSE Smallcap added 0.6 per cent. Market breadth, indicating the overall health of the market, turned positive. On the BSE, 1,393 shares gained, 1,275 shares declined while 173 shares remained unchanged.
"Market gained momentum as yield slid after RBI's open market operation, while rupee weakened further due to higher oil prices. PSU banks outperformed in expectation of stability in govt bond yield with RBI's intervention. Results are largely in line with expectation while volatility in rupee and yield and apprehensions about Karnataka election impacting the pace of rally. Additionally, investor sentiment improved after a tepid US job data which may slow down FEDs rate hike trajectory," said Vinod Nair, Head of Research, Geojit Financial Services.
Nifty PSU Bank index (up 2 per cent) was the leading gainer among NSE indices, led by gains in Indian Bank, Punjab National Banka and Bank of Baroda.
Mahindra and Mahindra, ICICI Bank, Axis Bank, Tata Steel and Reliance Industries were the top gainers, while Coal India, Dr Reddy's Lab, Tata Cosultancy Services (TCS), Sun Pharma and HDFC Bank were the major losers on Sensex.
On Nifty, the top gainers were GAIL, Mahindra and Mahindra and ICICI Bank, while the major losers were Lupin, Dr Reddy's Lab and TCS.
Meanwhile, domestic institutional investors bought shares worth a net Rs 1,084.09 crore, while foreign portfolio investors sold shares worth Rs 1,628.23 crore on Friday, provisional data showed.
Asian markets ended mixed despite a strong closing on Wall Street as investors digested last week's trade talks between the US and China, while US jobs data eased fears of faster rate hike by the Federal Reserve.
However, US crude topped the $75 mark for the first time since 2014. Crude oil prices rose by 0.75 per cent to $75.43 a barrel.