India’s equity benchmark edged higher on Monday driven by profits from ICICI Bank HDFC Bank, HDFC, Axis Bank, Larsen & Toubro, Kotak Mahindra Bank and Power Grid. Sensex rallied as much as 415 points and Nifty moved above the key psychologically 17,600 level amid positive signals from other Asian markets. Asian stocks rallied on Monday with investors seemingly confident that the market can weather anything from a series of central bank meetings this week, including the U.S. likely to end the stimulus policy early.
As of 9:24 a.m., the Sensex is up 324 points to 59,110 and the Nifty 50 is up 106 points to 17,617.
Omicron remains a concern with British Prime Minister Boris Johnson’s warning of a “tide wave” of new cases of the variant, but again markets are counting on vaccines to limit the risk. economic recession.
The Federal Reserve is expected to signal a faster decline in asset purchases this week and therefore start raising interest rates sooner. It will also update the dot charts for rates over the next few years.
MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.8%, after gaining 1.7% last week.
Japan’s Nikkei rose 1.0%, as a survey of major manufacturers showed sentiment is at its best since late 2018.
Chinese stocks rose 1.4% to last week’s 3.1% gain amid hopes of more stimulus following Beijing’s recent relaxation of bank reserve requirements.
Buying was widespread as all 19 industry measures compiled by the BSE traded higher, led by a 2% gain in the S&P BSE Power index. Indices of BSE Bankex, Metal, Consumer Durables, Capital Goods, Telecom, Industrial, Basic Materials and Industry also rose 0.7-1.4%.
Small and mid-cap stocks were also interested in buying, with the S&P BSE MidCap index up 0.64% and the S&P BSE SmallCap index up 1%.
Power Grid, Axis Bank, Tata Motors, ONGC, NTPC, Hindalco, Titan, Maruti Suzuki, Sun Pharma, Tech Mahindra, Asian Paints, UltraTech Cement and Wipro are among the top gainers in the Nifty 50 stock basket.
On the other hand, Bajaj Finance, Nestle India and Bajaj Finserv are among the notable failures.
Market breadth was extremely positive with 2,217 stocks advancing while 676 stocks fell on the BSE.
