ICICI Bank HDFC Bank, HDFC, Axis Bank, Larsen & Toubro, Kotak Mahindra Bank and Power Grid were among the top movers in the Sensex.
Indian equity benchmarks edged higher on Monday led by gains in ICICI Bank HDFC Bank, HDFC, Axis Bank, Larsen & Toubro, Kotak Mahindra Bank and Power Grid. The Sensex rose as much as 415 points and Nifty moved above its important psychological level of 17,600 amid positive cues from other Asian markets. Asian stocks pushed ahead on Monday with investors seemingly confident markets can weather whatever comes from a host of central bank meetings this week, including the likely early end to U.S. policy stimulus.
As of 9:24 am, the Sensex rose 324 points to 59,110 and Nifty 50 index advanced 106 points to 17,617.
Omicron remained a concern with British Prime Minster Boris Johnson warning of a “tidal wave” of new cases of the variant, but again markets are counting on vaccines to limit the economic fallout.
The Federal Reserve is widely expected to signal a faster tapering of asset buying this week, and thus an earlier start to rate hikes. It will also update the dot plots for rates over the next couple of years.
MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.8 per cent, after bouncing 1.7 per cent last week.
Japan’s Nikkei rose 1.0 per cent, as a survey of large manufacturers found sentiment was the best since late 2018.
Chinese stocks added 1.4 per cent to last week’s 3.1 per cent jump amid hopes for more stimulus after Beijing’s recent loosening of bank reserve requirements.
Read More:- Sensex jumps over 350 points in early trade; Nifty tops 17,600
Buying was visible across the board as all the 19 sector gauges compiled by BSE were trading higher led by the S&P BSE Power index’s 2 per cent gain. BSE Bankex, Metal, Consumer Durables, Capital Goods, Telecom, Industrials, Basic Materials and Industrials indexes also rose between 0.7-1.4 per cent.
Mid- and small-cap shares were also witnessing buying interest as S&P BSE MidCap index rose 0.64 per cent and S&P BSE SmallCap index advanced 1 per cent.
Power Grid, Axis Bank, Tata Motors, ONGC, NTPC, Hindalco, Titan, Maruti Suzuki, Sun Pharma, Tech Mahindra, Asian Paints, UltraTech Cement and Wipro were among top gainers in the Nifty 50 basket of shares.
Read More:- Sensex, Nifty end marginally lower after choppy session
On the flipside, Bajaj Finance, Nestle India and Bajaj Finserv were among the notable losers.
The overall market breadth was extremely positive as 2,217 shares were advancing while 676 were declining on the BSE.
