Positive global cues coupled with good numbers from ICICI Bank lifted the morale of investors. However, some profit taking was seen in afternoon trade in FMCG and pharma stocks.
Q4 earnings are in focus as many big names are slated to report their financial results this week.
“Buying interest was broad-based led by banking, realty and metal stocks with hope that we are nearing the peak of infection. Banking stocks outshined other major sectoral indices due to the positive beginning of quarterly results,” said Vinod Nair, Head of Research at Geojit Financial Services.
“The market may remain volatile in the coming days as covid cases continue to be high, April F&O expiry and upcoming FOMC meeting,” he added.
Equity investors grew richer by Rs 1.83 lakh crore as the total market capitalisation of BSE-listed firms rose to Rs 204.20 lakh crore.
Market at a glance:
- Majority stake acquisition by Blackstone, others sends Mphasis rallying 6%
- Axis Bank surges 4% ahead of March quarter earnings
- ICICI Bank climbs 3% after lender delivers encouraging Q4 numbers
- HCL Tech disappoints investors; stock declines nearly 3%
- Linde India surges along with other oxygen producers as demand remains high
Among the blue chip stocks, Axis Bank was the top gainer, rising 4.19 per cent. JSW Steel, UltraTech Cement, ICICI Bank, Grasim, HDFC Life Insurance, HUL and SBI were other gainers.
Cipla was the top loser in the Nifty pack, falling 2.96 per cent. Britannia, HCL Tech, BPCL, Sun Pharma, Maruti Suzuki, HDFC Bank, TCS and Hindalco were other scrips that ended in the red.
Broader market indices ended with gains in line with their headline peers. Nifty Smallcap and Nifty Midcap rose 1.13 per cent and 0.78 per cent, respectively. Nifty 500, the broadest index on NSE, climbed 0.92 per cent.
SAIL, Indian Hotels, Crompton Greaves Consumer Electricals, Can Fin Homes, Rain Industries and Indian Energy Exchange were top gainers from the mid- and small-cap indices, climbing in the range of 5-10 per cent.
M&M Financial Services, Shriram Transport Finance, Aditya Birla Capital, Avanti Feeds, Ceat and Sun Pharma Advanced Research were major losers from the broader market space, falling in the range of 2-9 per cent.
Barring Nifty Pharma, which declined 0.87 per cent, all sectoral indices on NSE closed with gains. Nifty Realty was the top gainer, up 3.40 per cent. Nifty Metal and Nifty Bank were other major gainers, adding about 2 per cent each.
