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Sensex reclaims 60k-mark

Strong Q4 earnings and fall in crude oil prices supported investor sentiment

Mkt course hinges on Q4 earnings

Mkt course hinges on Q4 earnings

Mumbai: Equity benchmark Sensex climbed over 400 points to reclaim the 60,000 mark on Monday, on strong buying in financial stocks after earnings from ICICI Bank and Reliance Industries (RIL) matched street expectations. The 30-share BSE Sensex jumped 401.04 points or 0.67 per cent to reach the 60,000-level and settled for the day at 60,056.10. During intra-day, it hit a high of 60,101.64 and a low of 59,620.11. As many as 23 stocks in the index ended in the green and seven in the red. The broader NSE Nifty gained 119.35 points or 0.68 per cent to close at 17,743.40. A total of 24 Nifty shares gained, while 26 declined.

“After witnessing a sluggish trend over the past few sessions, fresh buying emerged ahead of the monthly F&O expiry later this week. While the markets may still be choppy and volatile, we may see select bouts of buying going ahead,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

According to Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, strong results from index heavyweights led domestic indices to inch higher. “The banking sector was the top gainer up one per cent, followed by the realty sector. Better than expected Q4 result from ICICI Bank over the weekend and RBI's relaxation towards the HDFC Bank merger led to a rally in the banking index,” Khemka said.

Foreign Portfolio Investors (FPIs) offloaded equities worth Rs 2,116.76 crore on Friday, according to exchange data. Among sectoral indices, bankex went up by 1.32 per cent, financial services rose by 1.21 per cent and realty by 1.05 per cent. Besides, FMCG, commodities, energy and teck were the other gainers. On the other hand, healthcare fell by 0.47 per cent, utilities declined 0.28 per cent and auto slipped by 0.04 per cent.

Among the Sensex firms, Wipro, Axis Bank, Titan, UltraTech Cement and HDFC Bank, HDFC, HCL Tech and Reliance were the gainers. Bajaj Finance, Infosys, Mahindra & Mahindra and Maruti were among the laggards. In the broader market, the BSE midcap gauge went up 0.47 per cent and smallcap index rose 0.34 per cent.

Asian markets saw mixed trends. The Nikkei 225 gained 0.10 per cent, while the Shanghai Composite and Hang Seng fell 0.78 per cent and 0.58 per cent, respectively. European markets were lower with CAC in France sliding 0.17 per cent while London's FTSE 100 was off 0.08 per cent and Germany's DAX was lower by 0.06 per cent.

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