Domestic stock markets started Monday’s session on a positive note shrugging off weakness in Asian peers where equities receded from 18-month highs. The S&P BSE Sensex index ros eas much as 121.36 points to touch 41,696.50 and the broader NSE Nifty benchmark climbed to as high as 12,280.55, up 34.75 points from the previous close. Gains in banking, IT and consumer goods shares supported the markets.
At 9:17 am, the Sensex traded 68.61 points – or 0.17 per cent – higher at 41,643.75 while the Nifty was up 23.85 points – or 0.19 per cent – at 12,269.65.
Twenty nine stocks on the 50-scrip benchmark index traded higher at the time. Adani Ports, Sun Pharma, ITC, Bharti Airtel and Bharti Infratel – trading between 0.61 per cent and 1.50 per cent higher – were the top gainers on the Nifty at the time.
On the other hand, top percentage laggards were Zee Entertainment, Yes Bank, Coal India, Dr Reddy’s and Bharat Petroleum, down between 0.44 per cent and 0.95 per cent.
HDFC Bank and ITC were the top contributors to the gain in Sensex, together accounting for a more than 50-point rise in the index.
Market breadth was sharply positive, with 702 stocks trading higher and 289 moving lower on the BSE. On the NSE, 934 stocks advanced in early deals while 571 declined.
Equities in other Asian markets fell as investors consolidated gains after scaling 18-month highs last week.
MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.09 per cent, after touching its highest level since June 19, 2018 on Friday, lifted by investor hopes that a US-China trade deal would be signed soon.
Japan’s Nikkei stock index slid 0.51 per cent.
On Friday, the Sensex had ended 411.38 points – or 1.00 per cent – higher at 41,575.14 and the Nifty settled at 12,245.80, up 119.25 points – or 0.98 per cent – from the previous close.
Source: NDTV Profit