BSE Sensex up over 100 points, Nifty above 8,550; bank stocks surge
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The BSE Sensex continued to trade in the positive terrain and was trading over 100 points up on Monday despite muted Asian markets.
At 2.14 pm, Sensex was up 117.06 points at 28,231.62. Similarly, Nifty was up 24.75 points at 8,557.60 during the same time.
Shares of public sector banks rallied after the government unveiled a Rs 70,000 crore capital-infusion plan. Bank of Baroda, IDBI Bank, Canara Bank, Union Bank, Indian Bank and SBI shares rallied between 3-6 per cent.
10.19 am, Sensex was 87.75 points up to trade at 28,202.31. Similarly, Nifty was up 19.55 points at 8,552.40 during the same time.
The trading sentiment got a boost after buying activity gathered momentum on expectations that liquidity may pick up as EPFO will start investing in the equity market this week.
Hopes of a rate cut by the Reserve Bank of India at its monetary policy meet on Tuesday also boosted the market sentiments.
The gauge had spurted 655.33 points in the past three straight sessions, largely supported by the government’s plans to infuse fresh capital into state-owned lenders by September and EPFO getting ready to invest in equity markets.
ICICI Bank, Suzlon Energy, SBI, Infosys, HDFC, and Maruti Suzuki were among the top gainers.
Maruti Suzuki climbed 1.69 per cent to Rs 4,403.40 after the company said its domestic sales increased 22.5 per cent last month to 1,10,405 units as against 90,093 in July last year.
Tata Motors rose 0.87 per cent to Rs 387.70 after it reported 1.32 per cent increase in total sales in July.
However, caution prevailed on disappointing earnings by L&T and a weak trend at other Asian markets.
China manufacturing activity showed a drop to a two-year low in July.
In the Asian region, Shanghai was down 1.71 per cent and Hong Kong’s Hang Seng shed 1.57 per cent while Japan’s Nikkei lost 0.22 per cent in early trade on Monday.
The US Dow Jones Industrial Average ended 0.32 per cent down in Friday’s trade.
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