Sensex surges over 600 points in early trade
Equity benchmark Sensex rallied over 600 points in early trade on Monday, tracking gains in index majors ICICI Bank, Reliance Industries, and Kotak Bank amid positive trends in global markets. The 30-share BSE index was trading 641.35 points or 1.34 percent higher at 48,519.80. Similarly, the broader NSE Nifty jumped 178.90 points or 1.25 percent to 14,520.25.
Who were the top gainers or losers?
ICICI Bank was the top gainer in the Sensex pack, rallying around five percent, after the lender on Saturday reported a nearly four-fold jump in its March quarter consolidated profit at Rs. 4,886 crore. UltraTech Cement, SBI, ONGC, Axis Bank, Kotak Bank, and Bajaj Finance were also among the gainers. HCL Tech, PowerGrid, Sun Pharma, and Tech Mahindra were among the laggards.
Sensex had ended 0.42 percent lower in the previous session
In the previous session, the 30-share BSE index, Sensex had ended 202.22 points or 0.42 percent lower at 47,878.45, and the broader NSE Nifty dropped 64.80 points or 0.45 percent to close at 14,341.35. Foreign institutional investors were net sellers in the capital market as they offloaded shares worth Rs. 1,360.76 crore on Friday, according to provisional exchange data.
Companies trying to convince most workers to stay back
Domestic equities look to be positive at the moment, said Binod Modi, Head-Strategy at Reliance Securities. He noted that while a persistent rise in COVID-19 cases and enhanced economic restrictions have dented investor sentiments over the last couple of weeks, manufacturing and infrastructure activities have not halted yet and companies appeared to convince most workers to stay back by offering basic amenities and facilities.
We might avoid any major economic losses: Modi
"Large economic damage like last year is unlikely to happen. Further, the cancellation of bond auctioning at a higher rate by the RBI last week validates RBI's strong commitment to maintain a low-rate interest scenario and support economic activities," Modi said.
Brent crude was trading at $65.15 per barrel
Active COVID-19 cases in India stood at 28,13,658, up from 26,82,751 cases registered on Thursday, according to Union Health Ministry data. Elsewhere in Asia, bourses in Shanghai, Hong Kong, Tokyo, and Seoul were trading on a positive note in mid-session deals. Meanwhile, international oil benchmark Brent crude was trading 0.41 percent lower at $65.15 per barrel.