Mumbai: Key equity indices rose on Monday, wiping off initial losses, as wholesale inflation grew at a slower pace and amid bets of robust corporate earnings in the second quarter ended September 30. However, a slight rise in global crude oil prices pressured the Indian rupee, capping the gains. Healthy buying was witnessed in information technology and healthcare counters, market participants said.
“Market traded in a rangebound manner, ending on a positive note. However, concerns about global growth due to trade war (between the US and China) and rising cost of funds are weighing on the market,” said Vinod Nair, Head of Research, Geojit Financial Services.
The benchmark S&P BSE Sensex settled at 34,865.10 points, up 131.52 points or 0.38 per cent. The NSE Nifty closed at 10,512.50, up 40 points or 0.38 per cent. The Sensex touched an intra-day high of 35,008.65 and a low of 34,559.98.
India’s annual rate of inflation based on wholesale prices accelerated 5.13 per cent on year in September from a 4.53 per cent increase in August, official data showed here on Monday. “The rupee continued to be under pressure, as oil prices resumed an uptrend due to tension between the US and Saudi Arabia. Second-quarter results began on a positive note,” said V.K. Sharma, Head, PCG and Capital Markets Strategy, HDFC Securities.
Astha Jain, Senior Analyst, Hem Securities, told IANS: “Today’s rise can be attributed to healthy buying after the major correction last week.” On Monday, the Indian rupee closed at 73.83, sliding 27 paise from its previous close of 73.56 per US dollar. Provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 67.86 crore, whereas domestic institutional investors bought Rs 294.78 crore worth of stocks. The top gainers in Sensex were Infosys, up 2.95 per cent at Rs 699.10; ITC, up 2.51 per cent at Rs 281.60; ONGC, up 1.78 per cent at Rs 160; TCS, up 1.60 per cent at Rs 1,949.15.
Major losers included Hindustan Uniliver, down 2.68 per cent at Rs 1,526.60; Mahindra and Mahindra, down 2.63 per cent at Rs 748.60; ICICI Bank, down 1.76 per cent at Rs 313.20; Vedanta, down 1.52 per cent at Rs 210.95; and Axis Bank, down 1.51 per cent at Rs 575.85 per share. (IANS)