Financial Services News

Sensex, Nifty advance on gains in IT, financial shares, global cues


Stock Exchange
| Photo Credit: REUTERS

Benchmark BSE Sensex rose by 319 points on Monday on gains in IT and financial stocks after positive quarterly results amid supportive global cues.

The 30-share BSE barometer rose by 319.90 or 0.53 per cent to close at 60,941.67.

The index opened higher and gained more than 400 points to scale the 61,000 level. It touched a high of 61,113.27 and a low of 60,761.88 in the day.

The broader NSE Nifty gained 90.90 points or 0.5 per cent to settle at 18,118.55 as 32 of its stocks advanced while 18 declined. The index moved between 18,162.60 and 18,063.45 during the day.

Among Sensex stocks, Hindustan Unilever rose the most by 1.89 per cent. Sun Pharma, Tata Motors, Infosys, TCS, Tech Mahindra, HCL Tech, SBI, Kotak Bank, HDFC twins, and Nestle were among major gainers.

On the other hand, UltraTech Cement was the biggest loser, falling by 4.62 per cent. NTPC, L&T, Tata Steel, Reliance Industries, and Titan were also among the laggards.

“Market breadth tilted in favour of bulls lifted by financial stocks, amid positive cues from global peers. Strong corporate earnings reported by banks boosted appetite for financial stocks. Positive global markets owing to possibility of a less aggressive rate hike, further added colour,” said Vinod Nair, Head of Research at Geojit Financial Services.

Shares in Europe and Asia also advanced on Monday following a rally in stocks in U.S. markets on Friday.

Tokyo’s Nikkei 225 index added 1.3 per cent despite concerns that Japan is facing a severe financial situation after spending heavily to counter the pandemic and other troubles. Most Asian markets were closed for Lunar New Year holidays.

In Europe, Germany’s DAX edged 0.1 per cent higher, the CAC 40 in Paris gained 0.1 per cent and Britain’s FTSE 100 added 0.2 per cent.

On Friday, the S&P 500 rose 1.9 per cent, the Dow Jones Industrial Average gained 1 per cent and the Nasdaq spurted 2.7 per cent.

Brent crude, the price benchmark for international trading, declined 17 cents to $87.46 per barrel.

Foreign institutional investors (FIIs) were net sellers in the capital market on Friday as they sold shares worth ₹2,002.25 crore, according to exchange data. 



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