Sensex shows traction, up 117 on monsoon update, strong Q4
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Adding to its rally for the fifth straight session, the benchmark Sensex surged about 117 points in early trade on Monday as investors went in for more bets amid upbeat fourth quarter numbers and on monsoon hopes.
The 30-share barometer rose 116.82 points, or 0.43 per cent, to 26,770.42. The gauge had gained 1,423.24 points in the previous four sessions.
Also, the NSE Nifty was trading higher by 38.20 points, or 0.46 per cent, at 8,194.85.
The big movers that supported the key indices are Coal India, SBI, Tata Motors, Axis Bank, Tata Steel, Adani Ports, Dr Reddy’s, ITC, M&M, Hero MotoCorp, TCS, Infosys and ONGC, advancing by up to 3.80 per cent.
Sun Pharma was trading higher by 0.89 per cent at Rs 832.85 ahead of its earnings.
Brokers said sustained buying by investors, foreign capital inflows and encouraging March quarter earnings by some more companies bolstered sentiment.
A positive update on monsoon progress kept things upbeat.
Moreover, a strong trend in Asian markets proved to be a big trigger.
In the rest of Asia, Japan’s Nikkei gained 0.89 per cent while Hong Kong’s Hang Seng rose 0.86 per cent in early trade on Monday. Shanghai Composite was trading 0.19 per cent higher.
The US Dow Jones Industrial Average ended 0.25 per cent higher in Friday’s trade.
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Subject to necessary approvals and procedures, shareholders of HUL will receive shares in the new entity in proportion to their shareholding in the company, HUL said in a release.
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