Mumbai, India (BBN) – Shares rose for a fourth straight session on Monday to a four-month high as investors bet the central bank would ease interest rates this week to help revive demand after Prime Minister Narendra Modi’s currency crackdown last year.
The NSE Nifty surged to a high of 8,814.10 intra-day while the BSE Sensex hit a high of 28487.28 intra-day, reports The Hindu Business Line.
At about 1:30pm, the Nifty was up 55.25 points or 0.63 per cent at 8,796.20 while the BSE Sensex was up 188.64 points or 0.67 per cent at 28,429.16.
The 30-share index had rallied 584.56 points in the previous three sessions after the presentation of the Budget.
All sectoral indices led by realty, banks, industrials and FMCG were quoting in the green, adding up to 2.42 per cent.
The NSE mid-cap 100 index rose 1 per cent to a record high of 16,197.55.
Similarly, the BSE Mid-Cap index too hit its highest since November 1, 2016.
Analysts said say strong corporate results, lower-than-expected impact from India’s high-value note ban were aiding markets.
Most mid-cap stocks delivered “surprisingly stellar” results this quarter as there were expectations for them to perform weakly due to the demonetisation, says Hitesh Agarwal,EVP & Head – Retail Research, Religare Securities Ltd.
Housing Development and Infrastructure was top percentage gainer on the NSE midcap 100, rising as much as 9.8 per cent to its highest since November 8.
Adandi Enterprises, Wockhardt Ltd,and Godrej Industries were among top gainers, climbing over 5 per cent each.
The advances to decline ratio was in favour of advances as 32 stocks gained against 19 that declined on the Nifty. Similarly, on the Sensex, 20 advanced and 10 declined.
ICICI Bank was up over 2.59 per cent, Sun Pharma 2.33 per cent, Hero MotoCorp 1.58 per cent, ITC 1.3 per cent and HUL 1.99 per cent.
SENSEX LOSERS: Dr Reddy’s was down 2.12 per cent, Cipla 1.16 per cent, Bajaj Auto 0.89 per cent and Coal India 0.75 per cent.
All the sectoral indices were trading in the green. Realty, bank, capital goods, consumer durables and FMCG were the top gainers on the BSE.
JAPAN’S NIKKEI SHARE AVERAGE rose on Monday as bank stocks climed following measures ordered by US President Donald Trump to reduce regulation in the financial sector, although a slightly stronger yen kept gains limited.
The Nikkei rose 0.3 per cent to 18,976.71.
CHINA STOCKS rose on Monday in thin activity as investors stayed largely cautious over the central bank’s policy tightening after it surprisingly raised short-term interest rates last week.
The blue-chip CSI300 index rose 0.3 percent, to 3,373.21 points, while the Shanghai Composite Index added 0.5 per cent to 3,156.98 points.