NEW DELHI: Equity indices surged on Monday with the benchmark BSE sensex rising over 450 points led by gains in PSU Bank and consumer durables stocks.
The 30-share BSE index jumped 478 points or 0.8 per cent to close at 60,546. While, the broader NSE Nifty settled 152 points or 0.85 per cent up at 18,069.
Top gainers in the sensex pack included Titan, Ultra Cemco, Bajaj Finserv, Tech Mahindra and Kotak Bank with their shares rising as much as 4.54 per cent.
Whereas, IndusInd Bank, M&M, SBI, Maruti and Asian Paints were the major losers.
IndusInd Bank tanked over 10 per cent after the lender admitted to having disbursed 84,000 loans without customer consent in May owing to a “technical glitch”.
The indexes have gained more than 25 per cent this year on falling Covid-19 cases, the economy reopening and ample liquidity. They have, however, fallen from record highs on heavy foreign selling and concerns of overvaluation.
After a correction in October on heavy foreign selling and concerns of overvaluation, stocks have marched higher thanks in part to positive sentiment during the festive season of Diwali.
“If it (the market) consolidates here for some more time this is a good buying opportunity. Lots of companies have come out with very good results,” Samrat Dasgupta, chief executive at Esquire Capital Investment Advisors told news agency Reuters.
Of the 38 Nifty 50 companies that have reported September-quarter results so far, 21 have beaten estimates, Refinitiv Eikon data showed.
Elsewhere in Asia, bourses in Hong Kong, Tokyo and Seoul ended with losses, while Shanghai was positive.
Stock exchanges in Europe were largely trading in the red in mid-session deals.
Meanwhile, international oil benchmark Brent crude rose 1.15 per cent to $83.69 per barrel.
(With inputs from agencies)
The 30-share BSE index jumped 478 points or 0.8 per cent to close at 60,546. While, the broader NSE Nifty settled 152 points or 0.85 per cent up at 18,069.
Top gainers in the sensex pack included Titan, Ultra Cemco, Bajaj Finserv, Tech Mahindra and Kotak Bank with their shares rising as much as 4.54 per cent.
Whereas, IndusInd Bank, M&M, SBI, Maruti and Asian Paints were the major losers.
IndusInd Bank tanked over 10 per cent after the lender admitted to having disbursed 84,000 loans without customer consent in May owing to a “technical glitch”.
The indexes have gained more than 25 per cent this year on falling Covid-19 cases, the economy reopening and ample liquidity. They have, however, fallen from record highs on heavy foreign selling and concerns of overvaluation.
After a correction in October on heavy foreign selling and concerns of overvaluation, stocks have marched higher thanks in part to positive sentiment during the festive season of Diwali.
“If it (the market) consolidates here for some more time this is a good buying opportunity. Lots of companies have come out with very good results,” Samrat Dasgupta, chief executive at Esquire Capital Investment Advisors told news agency Reuters.
Of the 38 Nifty 50 companies that have reported September-quarter results so far, 21 have beaten estimates, Refinitiv Eikon data showed.
Elsewhere in Asia, bourses in Hong Kong, Tokyo and Seoul ended with losses, while Shanghai was positive.
Stock exchanges in Europe were largely trading in the red in mid-session deals.
Meanwhile, international oil benchmark Brent crude rose 1.15 per cent to $83.69 per barrel.
(With inputs from agencies)
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