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Sensex, Nifty hit 3-month high on rally in bank, IT stocks

Broader BSE Midcap and Smallcap indices climbed up to 0.89 per cent.

Updated: Apr 30, 2018, 04.57 PM IST
Broader BSE Midcap and Smallcap indices climbed up to 0.89 per cent.
NEW DELHI: The domestic equity market hit nearly 3-month high on Monday, as investors cheered better earnings numbers from some of the largecap companies amid bullish global cues.

The BSE Sensex closed 191 points, or 0.55 per cent, up at 35,160 with 25 stocks advancing while 6 declining. Both the indices hit their highest closing level since February 2, 2018.

The Nifty50 too clocked gain of 47 points or 0.44 per cent to settle at 10,739 with 33 stocks in the green and 16 in the red. One stock remained unchanged in the index.

Broader BSE Midcap and Smallcap indices climbed up to 0.89 per cent.

“Market continued its winning streak led by positive global cues and RBIs ease in rules for FPIs to invest in bonds. PSU banks outperformed in expectation of stability in yield while volume growth in bond market will provide relief to rupee. Quarter results so far have been better, contrarian bet IT industry is gaining investors’ attention owing to improving macros and strengthening dollar,” said Vinod Nair, Head of Research, Geojit Financial Services.

Markets remained positive, as investors cheered earning numbers from some bluechip counters such as Kotak Mahindra Bank and HDFC. Firm global cues also fuelled positive sentiment.

YES Bank rose almost 4 per cent, leading the pack of gainers. Hindustan Unilever, TCS, HDFC and HDFC Bank also figured among the top gainers of the day.

India's largest mortgage lender HDFC on reported a 39.2 per cent rise in standalone net profit for March quarter at Rs 2,846.22 crore against Rs 2,044.22 crore. The numbers were way above the ETNow poll estimates of Rs 2,560 crore.

On the other hand, Axis Bank tanked nearly 4 per cent, while Reliance Industries declined over 3 per cent, to feature among the top Sensex losers.

Shares of Reliance Industries failed to perform today on account of company's telecom arm Jio's uninspiring earnings numbers for the March.

Private sector lender Kotak Mahindra Bank closed about 2 per cent up on Monday after it posted a 15.16 per cent year-on-year growth in standalone net profit at Rs 1,124 crore. Analysts in an ETNow poll had projected their profit estimate at Rs 1,230 crore.

Among the sectoral indices on BSE, energy, telecom, consumer durables and oil & gas closed the day in the red.

Global stocks were in the positive terrain underpinned by positive earnings from the US technology firms. In Asia, Nikkei and Shanghai SE Composite Index were closed due to the public holiday.

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