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Indian benchmark indices rose on Monday, led by heavyweights HDFC Bank, Infosys, as well as Larsen and Toubro, after consecutive weekly losses.
The Sensex ended the session at 81.9735, with a gain of 592 points or 0.7 percent. Nifty rose 164 points to end the session at 25,128, a gain of 0.6 percent.
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Indexes have fallen over the past two weeks amid escalating tensions in West Asia and heavy selling by foreign portfolio investors.
Top weighting HDFC Bank accounted for more than 40 percent of the index’s gains on Monday. Shares of the private sector lender rose 2.3 per cent, sending the Sensex up 250 points. Analysts have termed HDFC Bank’s gains as a case of bargain hunting. HDFC Bank has fallen around 6 percent in the last two weeks.
FPIs continued to be net sellers, selling shares worth Rs 3,732 crore and domestic institutions were net buyers to the tune of Rs 2,278 crore.
“The positive impact of China’s stimulus package appears to be diminishing. Meanwhile, the Indian market is showing resilience, with moderate profit growth expectations seemingly priced in and falling oil prices. The IT and financial sectors are sparking a buying interest after the recent corrections,” said Vinod Nair, head of research at Geojit Financial Services.
Going forward, corporate earnings results in India’s macroeconomic data across the globe will give clues about the market’s trajectory. Market breadth was mixed, with 2,044 stocks up and 2,011 down. Real estate stocks recorded the highest gain, and their index on the BSE rose 1.5 percent.
First publication: October 14, 2024 | 8:45 p.m. STI