Mumbai: The Indian equity benchmarks were trading firmly higher on Monday led by gains in index heavyweights Reliance Industries, Infosys, Tata Consultancy Services, Axis Bank and Titan. The Sensex rose as much as 389 points and Nifty 50 index was trading firmly above its important psychological level of 15,850. The benchmarks staged a gap up opening taking cues from strong trend in other Asian markets and traded firmly higher thereafter.
As of 1:38 pm, the Sensex was up 353 points and Nifty 50 index advanced 114 points to 15,877.
European markets were also trading higher as England’s FTSE 100 index rose 0.94 per cent, France’s CAC40 index advanced 0.84 per cent and Germany’s DAX advanced 0.3 per cent.
Buying was visible across the sectors as all the 19 sector gauges compiled by the BSE were trading higher led by the S&P BSE Realty index’s 5 per cent surge. Consumer Discretionary Goods & Services, Energy, Industrials, Auto, Consumer Durables ad Oil & Gas indices also over 1 per cent.
Broader markets were outperforming their larger peers as the S&P BSE MidCap and S&P BSE SmallCap indices rose around 1 per cent each.
Among the individual shares, Indian Railway Catering and Tourism Corporation (IRCTC) shares surged more than 7 per cent in a strong market on the news that the board will meet on August 12 to consider splitting shares of the company.
Shares of the Mumbai-based drug maker Bliss GVS Pharma – rose as much as 16 per cent to hit an intraday high of ₹ 124.60 after the company reported strong June quarter earnings. Bliss GVS Pharma’s consolidated net profit in quarter ended June 2021 rose 57 per cent to ₹ 26 crore compared with ₹ 16.65 crore in the same quarter last year. Its revenue from operations advanced 30 per cent to ₹ 168 crore versus ₹ 129.5 crore in the corresponding period a year ago.
Titan was top Nifty gainer, the stock rose 3 per cent to ₹ 1,767. Shree Cements, Britannia Industries, Grasim Industries, Adani Ports, Eicher Motors, Axis Bank, Mahindra & Mahindra, Indian Oil, Bharat Petroleum, Reliance Industries and JSW Steel also rose between 1.6-3 per cent.
On the flipside, UPL, Tata Steel, Power Grid, NTPC, Tech Mahindra, Bajaj Finserv, Dr Reddy’s Labs, Bajaj Auto and Cipla were among the losers.
The overall market breadth was extremely positive as 2,190 shares were advancing while 1,074 were declining on the BSE.