Indian shares rose notably on Monday as encouraging earnings updates from the likes of Reliance Industries and ICICI Bank offset mixed global cues.
The rupee strengthened past the 82-per dollar level and oil prices extended last week’s steep losses, offering some support.
The benchmark S&P/BSE Sensex ended the session up 401.04 points, or 0.67 percent, at 60,056.10 while the broader NSE Nifty index settled 119.35 points, or 0.68 percent, at 17,743.40.
Top insurer HDFC Life surged 6.4 percent to top the gainers list while Tata Consumer Products rallied 4.9 percent ahead of its earnings release.
ICICI Bank, Axis Bank and Wipro climbed 2-3 percent.
Healthcare stocks underperformed, with Divis Laboratories, Cipla and Dr Reddy’s Laboratories all falling over 1 percent.
Global cues were muted as investors awaited a slew of key U.S. economic data as well as earnings results from tech giants including Alphabet, Microsoft, Amazon and Meta this week for directional cues.
Traders also awaited policy announcements by the U.S. Fed and Bank of England in early May for clarity on their rate-hike strategies.
Market Analysis
Sensex, Nifty Gain On Solid Earnings
2023-04-24 10:26:31
