Sensex at 78,020 as banks rally before 1st-quarter earnings
The Indian stock market kicked off Monday on a high, with the Sensex climbing 250 points to 78,020 and Nifty crossing 24,300.
Lower oil prices and good monsoon news helped boost investor mood, but it was banking stocks that really stole the spotlight thanks to strong business updates just before first-quarter earnings season.
Mixed bank performance as foreigners buy
HDFC Bank jumped 1.73% after posting solid growth in loans and deposits for June.
Axis Bank and ICICI Bank also saw gains, while BEL led all Sensex stocks with a nearly 3% rise.
On the flip side, Kotak Mahindra Bank slipped over 3%.
Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, pointed out that foreign investors are back in buying mode and expect strong results from banks and automakers this quarter, though IT companies might have a tougher time ahead due to global pressures.