The S&P BSE Sensex ended 401.04 points higher at 60,056.10, while the NSE Nifty 50 ended 119.35 points higher at 17,743.40. Broader market indices also reflected the strong momentum and ended the session with impressive gains.
By Koustav DasBenchmark stock market indices ended Monday’s trading session with gains after strong Q4 performance by index heavyweights like Reliance Industries Limited and ICICI Bank. While domestic markets were off to a slow start, the trend reversed soon as investors shrugged off concerns.
The S&P BSE Sensex ended 401.04 points higher at 60,056.10, while the NSE Nifty 50 ended 119.35 points higher at 17,743.40. Broader market indices also reflected the strong momentum and ended the session with impressive gains.
Most of the sectoral indices ended with strong gains, with banks and financial shares leading from the front. This was after private lender ICICI Bank posted a 30 per cent surge in Q4FY23 net profit.
Meanwhile, Reliance Industries Limited also reported a 19 per cent jump in net profit in the fourth quarter of FY23. The stock ended 0.38 per cent higher on Monday.
The positive results from the two companies uplifted the mood on Dalal Street as they account for nearly 20 per cent of the total weightage in the Nifty 50.
Some of the top gainers in the Nifty 50 were HDFC Life, Tata Consumer Products, Wipro, Axis Bank and ICICI Bank.
It is worth mentioning that HDFC Life Insurance Company gained 6.40 per cent at closing as the Reserve Bank of India allowed HDFC Bank to increase its shareholding in the insurer. Tata Consumer Products climbed nearly 5 per cent ahead of its quarterly results tomorrow.
On the other hand, the top losers on the 50-share index were crowded by pharma companies, dragged down. They were Dr Reddy’s Laboratories, IndusInd Bank, Cipla, Divi’s Laboratories and Maruti.
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