Markets eke out slim gains

Mumbai: The Sensex and Nifty notched up gains for the second straight session on Monday, buoyed by banking and finance counters, as investors took heart from a continuing decline in Covid-19 cases. Mixed overseas cues and a weakening rupee capped the gains, traders said.

The 30-share BSE Sensex climbed 111.42 points or 0.22 per cent to finish at 50,651.90. The broader NSE Nifty rose 22.40 points or 0.15 per cent to 15,197.70.

SBI was the top gainer in the Sensex pack, advancing 2.73 per cent, followed by L&T, Axis Bank, PowerGrid, ITC, Maruti, Dr Reddy's and HDFC. Index heavyweights HDFC twins accounted for most of the index's gains. On the other hand, Titan, IndusInd Bank, M&M, HUL, UltraTech Cement and Bajaj Finserv were among the major losers, shedding up to 1.22 per cent.

Domestic equities remained positive despite mixed global cues as persistent decline in daily Covid-19 caseload and improvement in recovery rate continued to lift investors' sentiments, said Binod Modi, Head - Strategy at Reliance Securities. "...a steady decline in fresh Covid cases and hopes of the lockdown being lifted sooner has influenced the domestic market to extend its gains.

Positive quarterly earnings and easing asset quality woes helped banking stocks to attract buying interest while mid and small-cap stocks outperformed.

"On the global front, UK and US Manufacturing PMI data reported record-high numbers, however investors are awaiting inflation data for guidance on monetary policy," said Vinod Nair, Head of Research at Geojit Financial Services.