NEW DELHI: Benchmark indices opened higher in Monday’s trade, tracking Friday’s relief rally on Wall Street. Buying was led by select IT, bank and FMCG names.
At 9.32 am, the BSE Sensex was trading 401.45 points or 0.75 per cent higher at 54,162.23. Nifty50 was trading at 16,185.55, up 136.35 points or 0.85 per cent. Midcap and smallcap indices rose up to 0.40 per cent.
“The global environment is still not conducive but our markets are not willing to give up as they continue to attract some buyers at lower levels. Technically speaking, 15,850-15,950 has now become a sacrosanct zone for this week and if global markets support, we may see markets inching northwards. Hence, one should continue to remain positive till the time we do not sneak below it on a sustainable basis,” said Sameet Chavan of
.
Among Sensex stocks,
climbed 2.29 per cent to Rs 1463.30. rose 1.83 per cent to Rs 992.10. , , and Larsen & Toubro advanced 1.82 per cent, 1.59 per cent and 1.52 per cent, respectively. , , and gained over 1 per cent each.
Losers included
which declined 0.72 per cent to Rs 1,354. The June quarter numbers by the bank could not lift the stock. Nirmal Bang said it would monitor the NIM trajectory as the momentum in retail loans over the last few quarters is expected to translate into margin expansion.
added 1.41 per cent to Rs 896.10. The steel major has planned a capital expenditure of Rs 12,000 crore on its India and Europe operations during the current financial year. The domestic steel major plans to invest Rs 8,500 crore in India and Rs 3,500 crore in the company’s operations in Europe.
rose 2.28 per cent to Rs 101.05. The private lender reported a 63.5 per cent jump in net profit at Rs 601 crore in the June quarter on a steep decline in money set aside for bad loans. The South-based lender had reported a net profit of Rs 367 crore in the year-ago period.
“We keep our earnings estimates largely unchanged and estimate FY24 ROA and ROE at 1.9 per cent and 16.2 per cent, respectively. We maintain BUY on HDFC Bank with a target price (TP) of Rs 1,999 (3.3x FY24E ABVPS + value of subsidiaries),” it said.
High volatility in the market is likely to continue in the near term with erratic action from FIIs and sustained buying on dips by retail and DIIs, said V K Vijayakumar, Chief Investment Strategist at
.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Economic Times)
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