Business

Sensex Gains Over 400 Points; Infosys, Tata Steel, ICICI Bank End Strong

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In the metal space, Hindalco, JSW Steel and Tata Steel ended with gains of 3-5 per centThe stock exchange hit fresh all-time highs on Monday, continuing with the momentum seen in the past week, on the back of strength in select metal and details shares.

The BSE Sensex ended at 61,766, greater by 459 points or 0.74 per cent and the NSE Nifty ended at 18,477, up 138 points or 0.76 percent.

The broader markets also ended company, with the BSE Midcap index gaining 0.9 per cent and the BSE smallcap index including 0.6 per cent.On the stock-specific front, Infosys, Tata Steel and Tech Mahindra topped the gainers list on the BSE, with gains of 1-3 per cent each on the BSE.

ICICI Bank, ITC and Maruti Suzuki were the other significant gainers in the BSE pack.

Index heavyweight Reliance Industries ended the day at Rs 2705, up 0.22 percent, after hitting a 52-week high of Rs 2744 earlier in the day.

While doing so, Reliance markets' market cap exceeded Rs 18.50 lakh crore.And shares of metal companies were in focus, with the Nifty Metal index rising 4 percent to a record high, due to a rise in base metal rates.

Metal supply cuts are spreading from China to Europe as energy lacks drive up the expenses of electrical power and gas.

In the metal space, Hindalco, JSW Steel and Tata Steel ended with gains of 3-5 per cent.On the other hand, HCL Tech, M-M and Asian Paints were the top losers in the BSE pack.Among stocks that declared their results over the weekend, HDFC Bank rose over 2 percent to a record high in early trading after reporting a 17.6 per cent jump in September-quarter earnings over the weekend.

On Saturday, HDFC Bank reported a net earnings of Rs 8,834.3 crore the July-September quarter, an increase of 17.58 per cent from Rs 7,513.1 crore during the very same period last year.

The shares nevertheless turned negative to end with losses of 0.8 percent at Rs 1,670.

HCL Tech shares slipped more than 2 per cent at Rs 1220 to top the loser's list on the BSE in an otherwise strong market in wake of its September quarter numbers.

Post market hours on Thursday, HCL Tech reported a net revenue of Rs 3,259 crore in the quarter ended September 30, compared to Rs 3,143 crore in the corresponding month in 2015, marking a growth of 4 per cent on a year-on-year basis.

The markets were shut on Friday on account of the Dussehra festival.The market breadth was strong.

Out of 3,624 shares traded on the BSE, there were 1,822 aavancing shares as against 1,627 declines.




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