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Markets spurt on good results, global cues
Higher-than-expected March quarterly earnings, coupled with robust global cues and expectations of a good monsoon this year helped the equity markets stay in the positive zone for the fifth straight day.
Sensex gains 72 points while Nifty settles above 8,178
Mumbai: Higher-than-expected March quarterly earnings, coupled with robust global cues and expectations of a good monsoon this year helped the equity markets stay in the positive zone for the fifth straight day.
In a choppy trade on Monday, the benchmark 30-share Sensex opened strong but came down on profit-booking, before gaining 72 points to settle at 26,725.60, its highest closing since October 29 last year. The 50-share NSE Nifty recaptured the 8,200-mark during the early trade, before winding up at 8,178.50, a marginal rise of 21.85 points.
Last week, the Sensex rallied 1,352 points or 5.31 per cent, while the Nifty jumped 407 points or 5.25 per cent, their biggest weekly gain since March on the back of a good earnings show and continued foreign inflows.
A positive update about an above-normal monsoon this year, which is seen to rub off on the overall consumer demand, brightened the economic prospects. A steady stream of foreign fund inflows and a firm trend overseas kept sentiment alive, which made investors bolster their positions further.
Global cues, too, aligned as Asian markets rallied and Europe opened higher even as the US Fed Chief Janet Yellen on Friday said the Central Bank may raise rates "in the coming months" as the economy picked up as expected and jobs continued to be generated.
Foreign portfolio investors (FPIs) purchased shares worth a net Rs 479.89 crore last Friday, according to provisional data. Of the 30-share Sensex pack, 17 scrips added to their gains. While Tata Motors was the biggest mover, gaining 4.23 per cent, Coal India rose 3.80 per cent.
Hero MotoCorp, TCS, NTPC and Dr Reddy's, ITC and Bajaj Auto all gained up to 3.02 per cent. BHEL plunged the most by falling 5.81 per cent after its net profit declined 59.5 per cent in the fourth quarter ended March 2016. Aluminum maker Hindalco today surged over 11 per cent after its standalone net profit more-than-doubled for the fourth quarter.
In the rest of Asia, Japan's Nikkei ended 1.39 per cent higher boosted by hopes that the government will delay a sales tax hike while Hong Kong's Hang Seng firmed up 0.26 per cent. Shanghai Composite Index ended 0.05 per cent higher. European markets, too, were trading in the positive zone, tracking gains across most of Asia.
