Comments
The Nifty posted its biggest daily gain in more than a month, recovering from a five-day losing streak, due to value-buying in recently beaten down stocks and as global markets gained amid dampened prospects of a US rate hike this year.
The broader NSE index ended higher by 83.35 points or 0.86 per cent at 9,794.15, its biggest one-day percentage gain since July 10. The benchmark BSE index closed up 235.44 points or 0.75 per cent at 31,449.03, its biggest gain since July 19.
Barring IT and TECk, all other BSE sectoral indices ended in the positive zone. Among them, realty index was the star-performer and was up 5.95 per cent, metal 3.53 per cent, infrastructure 2.87 per cent and consumer durables 2.53 per cent. On the other hand, IT index was down 0.56 per cent and TECk 0.4 per cent.
Top five Sensex gainers were Cipla (+5.03%), Sun Pharma (+4.7%), Tata Steel (+4.21%), Adani Ports (+3.07%) and Hero MotoCorp (+2.87%), while the major losers were TCS (-1.00%), Bharti Airtel (-0.98%), State Bank of India (-0.93%), Kotak Bank (-0.87%) and Infosys (-0.84%).
Real estate developer DLF Ltd surged as much as 13.7 per cent after saying on Saturday it was in the final stages of talks for a transaction involving its rental unit arm.
DLF had previously said it was in talks with Singapore sovereign wealth fund GIC to sell a 40 per cent stake in its property rental unit.
Meanwhile, Sun Pharmaceutical Industries and Bharat Petroleum Corp Ltd fell, after posting disappointing June-quarter results on Friday.
“The strength and recovery in global markets did lend some support to our indices,” said Pritesh Mehta, head of technical research, IIFL Wealth.
“But thereafter, the reason has been the strength in Bank Nifty, HDFC, and exhaustion of selling pressure in the markets.”
Asian stocks bounced on Monday after three losing sessions, tracking a firmer Wall Street, while the dollar was weighed down by weak US inflation data which dampened prospects of another Federal Reserve interest rate hike later this year.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4 per cent. The index had fallen for three straight days prior on escalating tensions between the United States and North Korea. Australian stocks rose 0.2 per cent and South Korea's KOSPI climbed 0.7 per cent. Japan's Nikkei bucked the trend and fell 1.2 per cent as a stronger yen overshadowed much better-than-expected second quarter economic growth.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.