Share Market Close: Indian stock market closed in the green on Monday with Sensex ending above 60,900 pts and Nifty adding 90 pts. HUL, Sun Pharma and TechM gained, while Ultratech Cement shed 4%. IT, Bank and Auto indices climbed. Realty, Metal struggled.
Most Asian indices tracked Friday’s Wall Street rally and ended higher on Monday. Tokyo gained in today’s trading. Shanghai and Hong Kong were closed for holidays. European markets were also trading higher in the morning.
Indices display strength as Sensex closes just shy of the 61,000 mark and Nifty above 18,100
Indian stocks ended in green on Monday, after declines in the previous two sessions, helped by gains in IT, Auto and financial stocks. The investors cheered strong quarterly results declared by the financial powerhouses over the weekend.
The Nifty 50 index ended 90 points higher at 18,118, while the S&P BSE Sensex rose 320 points to close at 60,941.
Most sectors gained in today’s session with IT jumping almost 2%. Pharma, Auto, Bank and FMCG indices were other major climbers in today’s session. Metal and Realty indices closed in the red.
Sun Pharma, Tech Mahindra, Hindustan Unilever, Eicher Motors and UPL were among the major gainers with each jumping anywhere from 1.5% to 2%. Ultratech Cement shed 4% after a disappointing quarterly earnings report. Grasim closed 2% down and NTPC shed around a per cent.
Many Asian indices including China and Korea were on holiday as they are celebrating the Lunar New year. The remaining markets mostly ended in green tracking Friday’s Wall Street gains.
Japan’s Nikkei share average jumped more than 1% taking cues from a rally on Wall Street last week, with chip-related stocks leading gains. The Nikkei closed the day up 1.33%. The broader Topix rose 0.96%. The yen’s retreat from last week’s 7 1/2-month high also helped sentiment, particularly among exporters.
European stocks edged higher, lifted by technology and real estate stocks, as expectations of a mild recession in the euro zone offset hawkish remarks from European Central Bank (ECB) officials that sent the euro to a nine-month high. The pan-European STOXX 600 index rose in the morning session after posting its first weekly decline of the year on Friday.
UK’s main stock edged higher as positive corporate updates helped offset the gloom around the region’s economic outlook, with shares of National Express surging after a contract win. The blue-chip FTSE 100 gained in the morning 0 after posting a loss last week on worries about a recession and hawkish comments from central banks.