Sensex zooms 651 pts; Nifty recaptures 18,000-level ahead of Q3 results season

Mumbai: The BSE Sensex shot up over 650 points to surge past the 60,000-level while the NSE Nifty settled above 18,000 on Monday as participants showed keen interest in IT and financial shares ahead of the Q3 earnings season.
Rising for the second straight session, the 30-share BSE benchmark hit the day’s high of 60,427.36, before ending at 60,395.63, higher by 650.98 points or 1.09 per cent.
Likewise, the broader NSE Nifty climbed 190.60 points or 1.07 per cent to settle at 18,003.30.
On the Sensex chart, Titan, Maruti, SBI, L&T, SBI, HDFC and Kotak Bank emerged as prominent gainers, advancing as much as 3.29 per cent.
In contrast, Wipro, Nestle India, Asian Paints and PowerGrid were among the major laggards, shedding up to 2.47 per cent.
Market breadth was positive, with 20 of the 30 Sensex counters posting gains.
Analysts said the Q3 corporate results announcements starting this week from the IT majors and HDFC Bank are likely to set the trend for the crucial tech and banking segments.
“Amid weak global markets and rising COVID cases, the domestic market displayed strong momentum on expectations of a healthy start to the earnings season. PSU Banks led the sectorial rally as reports suggested an increase in FPI limits while the realty sector followed the trend on robust sales numbers and expectations of support measures in the upcoming budget.
“Globally, bourses were muted as reports of record-high Eurozone inflation at 5 per cent kept investors on edge while awaiting the release of the US inflation data later this week which is expected to remain elevated,” said Vinod Nair, Head of Research at Geojit Financial Services.
S Ranganathan, Head of Research at LKP Securities, said banks led the rally on expectations of better loan growth with provisional numbers pointing towards an improved third quarter performance.
Sectorally, BSE capital goods, realty, industrials, banking, auto and finance rose as much as 2.25 per cent. —PTI



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