Markets gained ground on Monday taking cues from their Asian counterparts. The S&P BSE Sensex and the Nifty50 moved up around 0.5 per cent each in intraday deals led by gains in public sector banks (PSBs).
Asian shares edged higher on Monday as a bounce in US stock futures soothed sentiment even as US President Donald Trump kept up his twitter war with China over trade just a couple of days before Chinese President Xi Jinping gives a keynote speech.
MSCI’s broadest index of Asia-Pacific shares outside Japan inched up 0.1 per cent. Japan’s Nikkei wavered either side of flat, and South Korea edged ahead by 0.2 per cent.
Back home, upcoming quarterly results season, along with the release of macroeconomic data points on industrial production (IIP) and inflation, are expected to determine the trajectory of key equity indices this week.
According to market observers, global cues such as concerns over trade protectionist measures between the US and China, combined with the direction of foreign fund flows and crude oil prices, will also impact investors’ risk-taking appetite.
The Nifty midcap index was up close to 1 percent led b y Allahabad Bank, Hindustan Petroleum Corporation, Indraprastha Gas, Tata Global Beverage and Unitech, each adding over 2 percent followed by Reliance Power, Reliance Capital, Biocon, Oriental Bank, IDBI Bank and Bank of India among others.
The Nifty PSU bank index gained 0.8 percent led by PNB which was up 1.3 percent while Allahabad Bank, Andhra Bank, Bank of Baroda, Union Bank of India and State Bank of India were the other gainers.
The most active Nifty stocks included Titan Company which jumped 2.8 percent while Jubilant Foodworks was up 1.2 percent. ICICI Bank, Tata Steel and Bharti Airtel were the other active stocks.
The top BSE gainers included Indiabulls Ventures which jumped close over 13 percent while Balkrishna Industries and Linde India were up 4.5 percent each. Tata Steel and Raymond were the other gainers.
Apollo Tyres, Balkrishna Industries, Britannia, Jubilant Food, IndusInd Bank, Kotak Mahindra Bank, MRF, Pidilite Industries, Shriram Transport and Titan Company were some of the few stocks which hit new 52-week high in the morning trade.
The market breadth was in favour of the advances with 1208 stocks advancing while 418 declined and 414 remained unchanged. On the other hand, in the BSE, 1526 stocks advanced and 538 declined and 84 remained unchanged.
Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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