Sensex jumps over 300 points in early trade
Equity benchmark Sensex surged over 300 points in early trade on Monday, tracking gains in index majors HDFC, Reliance Industries, and Infosys amid a positive trend in global equities. The 30-share index was trading 333.69 points or 0.63 percent higher at 52,920.53 in initial deals, while the broader NSE Nifty advanced 101.65 points or 0.64 percent to 15,864.70.
Who were the top gainers and losers?
Titan was the top gainer in the Sensex pack, rising around two percent, followed by Axis Bank, Bharti Airtel, HDFC, Maruti, Bajaj Finserv, Infosys, and Reliance Industries. On the other hand, Tech Mahindra, Sun Pharma, NTPC, PowerGrid, and Dr. Reddy's were among the laggards.
Sensex ended 0.13 percent lower in the previous session
In the previous session, Sensex slipped 66.23 points or 0.13 percent to close at 52,586.84, while the broader NSE Nifty dipped 15.40 points or 0.10 percent to 15,763.05. Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs. 3,848.31 crore on Friday, as per the provisional exchange data.
June quarter earnings so far have been encouraging: Expert
"Barring financials, June quarter earnings so far have been encouraging and most companies succeeded to beat consensus estimates, which offered comfort and aided to restrict sharp fall despite selling pressure in global equities," said Binod Modi Head-Strategy at Reliance Securities. "Further, the persistent soft monetary policy stance of the Federal Reserve augurs well for emerging markets including India," Modi added.
Brent crude was trading at $74.55 per barrel
"The least possibility of any reversal of monthly bond-buying in near to medium term and recent softening of dollar index also augur well for emerging markets including India," Modi said. Elsewhere in Asia, bourses in Shanghai, Seoul, Tokyo, and Hong Kong were trading with significant gains in mid-session deals. Meanwhile, international oil benchmark Brent crude declined 1.14 percent to $74.55 per barrel.
