Sensex, Nifty rebound on gains banking, oil & gas shares


Photo source: PTI

Shares of multiplex chain PVR and Inox Leisure Limited have been announced after merging two companies to form the country’s largest multiplex chain with more than 1,500 screens.

Highlights

  • Benchmark stock indices Sensex and Nifty closed higher by 0.40% on Monday in contrast to the initial losses.
  • The 30-share BSE Barometer recovered in the afternoon trade and rose to 231.29 points.
  • FMCG head ITC jumped 1.54 per cent while Hindustan Unilever rose 1 per cent.

The benchmark stock index Sensex and Nifty closed 0.40 per cent higher on Monday, helping heavyweights Reliance Industries, ICICI Bank and Bharti Airtel gain ground in global equity against initial losses.

The 30-share BSE Barometer recovered by 537.11 points to a low of 56,825.09 in the morning trade and recovered 231.29 points, or 0.40 percent, to settle at 57,593.49. As many as 20 stocks in the Sensex closed with gains and 10 declined

The broader NSE Nifty recovered 69 points, or 0.40 percent, to 17,222, with 29 elements ending in green.

Among the Sensex stocks, Bharti Airtel rose the most at 3.4 per cent. Axis Bank rose 2.13 per cent, ICICI Bank 1.59 per cent and SBI 1.44 per cent.

Reliance Industries rose nearly 1 percent, helping the barometer recover from losses. IndusInd Bank rose 1.33 per cent, Bajaj Finserve rose 1.09 per cent, followed by Kotak Bank and HDFC Bank.

Also read | Petrol-diesel prices rise again; Sixth increase in one week

FMCG head ITC jumped 1.54 per cent while Hindustan Unilever rose 1 per cent.

Among the losses, Nestl সবচেয়ে fell the most at 1.83 per cent, HDFC at 1.58 per cent and HCL Tech at 1.41 per cent. Profit bookings were down 1.4 per cent on Dr Reddy, 0.64 per cent on Asian Paints and 0.59 per cent on Wipro.

Shares of multiplex chain PVR and Inox Leisure Limited have been announced after merging two companies to form the country’s largest multiplex chain with more than 1,500 screens.

PVR shares closed up 3.06 per cent at Rs 1,883.50. Inox Leisure Ltd hit an upper circuit limit of Rs 563.60 before closing at Rs 522.90, up 11.33 per cent from the previous close.

“Benchmark indicators have reversed the early morning gains on positive global cues,” said S. Ranganathan, head of research at LKP Securities.

“Although the Ukraine war and the resulting crude spike initially affected the market, the war is not having much of an impact on the market now. Geojit is a strategist at Financial Services.

In the wider market, The BSE Smallcap Index has declined 0.53 percent and midcap gauge 0.40 percent.

Srikanth Chauhan, Head (Retail) of Equity Research at Kotak Securities Limited, said, “Markets have once again witnessed the upward movement but ended up on a high note due to sharp gains in banking and oil and gas stocks.”

Among the BSE sectoral indices, oil and gas (1.07 per cent), banks (1.01 per cent), energy (0.97 per cent) and telecom (0.73 per cent) were the major gainers.

“Mixed global signals coupled with the lack of a domestic trigger are causing volatile changes in the index. However, the revolving buy benchmarks on selected index heads are helping to keep the benchmark high,” said Ajit Mishra, VP-Research, Religare Broking Ltd.

Also read | India’s largest multiplex chain PVR has announced the merger of INOX Leisure

Equity exchanges in Tokyo and Seoul were lower, while Hong Kong and Shanghai ended higher. U.S. stock exchanges also ended in mixed notes on Friday.

Investors were weighing the development of the war between Russia and Ukraine as European markets traded with profit.

International oil benchmark Brent crude fell 3.46 percent to USD 116.3 a barrel.

Foreign institutional investors (FIIs) were net sellers in the capital market as they sold shares worth Rs 1,507.37 crore on Friday, according to the stock exchange.

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