The Indian stock markets put up a good show on Monday as Sensex and Nifty’s benchmark cues ended over 1.65% higher. The gains in the indices are attributed to the falling number of fresh COVID-19 infections over the last few days. The banking and financial stocks gained the most in the markets.
The S&P BSE Sensex closed the day 1.74% or 848.18 points higher. It wrapped up Monday at the 49,580.73 level. Among the 30 stocks that form the Sensex index, 23 ended higher, while the remaining seven closed in the red. The top seven gainers in the Sensex index are financial stocks.
IndusInd Bank emerged as the most significant gainer. Its share price increased by 7.27% over the day. SBI, ICICI Bank, HDFC Bank and Axis Bank followed it, with their share price shooting up by 6.35%, 4.41%, 3.81%, and 3.53%, respectively. The share price of HDFC, Bajaj Finserv, UltraTech Cement and Kotak Bank closed over 2% higher.
The share price of Bajaj Finance, M&M, HCL Tech, Reliance, ONGC, and Dr Reddy’s gained in the range of 1% and 2% on Monday. The other Sensex stocks to close the day in the green are; Infosys, Titan, TCS, Tech Mahindra, Bajaj Auto, Asian Paints, NTPC and ITC.
L&T lost the most among the Sensex stocks. Its share price collapsed by 2.02%. Bharti Airtel, Nestle India, and Sun Pharma followed it with their share price falling by 1.96%, 0.97%, and 0.6%, respectively. The other stocks to close lower are; PowerGrid, Maruti, and Hindustan Unilever, their share price tanked by 0.26%, 0.22%, and 0.03%, respectively.
The NSE Nifty ended Monday at 14,923.15 points. It managed to add 245.35 points to its tally over the day. 39 of the 50 stocks that form the Nifty index closed in the positive terrain while the remaining eleven closed lower. IndusInd Bank and SBI led the gains in the index while Cipla lost the most.
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Engineer by qualification, financial writer by choice. I am always open to learning new things.
