Sensex, Nifty a tad higher as demand slowdown concerns kept gains in check
Mumbai: After a volatile opening, Indian markets on Monday rose nearly 0.5% led by gains in energy, auto and banking stocks. Sentiments were also improved after signs of progress in US-China trade negotiations.
At 12.12 pm, the benchmark Sensex Index rose 0.5% to 38306.29 points while Nifty advanced 0.5% to 11361.60 points.
President Donald Trump said the two sides agreed to the outlines of a deal that could be signed as early as next month. US wont increase tariffs on China as scheduled this week as part of a "phase one" trade accord.
"The earnings announcements will dictate the trend on the stock-specific front. We advise keeping cautious approach and preferring hedged trades", said Ajit Mishra Vice President, Research, Religare Broking Ltd.
Among gainers, Tata Motors surged 5.5% followed by Oil & Natural Gas and Yes Bank which rose 5% and 3% respectively. Other gainers included, Vedanta Ltd and Tata Steel which rose 3% each. Indusind Bank and Bajaj Auto rose 2.4% and 2% respectively.
Among laggard, Infosys was the biggest loser, down 3.3% on profit booking. On Friday, Infosys raised the lower end of its fiscal year 2020 revenue guidance, revising it to 9-10% from 8.5-10% earlier, on the back of strong momentum in large deals and market share gains.
Indian Railway Catering and Tourism Corp Ltd surged nearly 125% from its issue price. The Rs645 crore initial public offering (IPO) was subscribed 112 times at a price band of ₹315- ₹320 per share. The issue was open for subscription between 30 September and 4 October.
Avenue Supermart fell 1% after the company reported revenue growth a tad lower than expected.
Adani Gas surged 13% after French oil and gas giant Total S A acquired a 37.4% stake in Adani Gas Ltd, the listed gas unit of the diversified Adani Group, for Rs5,662 crore