Twitter
Advertisement

Nikkei hits 21-year high, rubs off on local market

Gains were led by Reliance Industries, Bharti Airtel, ICICI, HDFC Bank and Infosys

Latest News
article-main
FacebookTwitterWhatsappLinkedin

Indian markets ended in the green on Monday rebounding from its three-session losing streak  tracking positive cues from Asian peers.

Japan’s Nikkei posted the longest winning-streak in its nearly 70-year history as markets cheered election victory of Japanese prime minister Shinzo Abe. Tokyo’s benchmark index rose 1.11% ending at 21696.65.

Optimism rubbed off on domestic indices with the BSE Sensex climbing 116.76 points, or 0.36%, to close at 32506.72 while Nifty rising 38.30 points, or 0.38%, ending at 10184.85. The 30-share barometer had lost 243.68 points, including 194.39 points on the first day of Samvat 2074 in one-hour special ‘Muhurat’ session on Thursday on sustained foreign fund outflows.

Gains were led by Reliance Industries, Bharti Airtel, ICICI, HDFC Bank and Infosys. While optimism surrounded telecom, energy, realty, oil & gas and IT counters in the backdrop of continued domestic liquidity, some losses were seen on the back of profit booking at improved levels.

Bharti Airtel emerged as top performer surging 4.99%, followed by Reliance Industries at 3.05%. Other gainers that supported the rebound were ICICI Bank (1.82%), Wipro (1.63%), Adani Ports (1.36%),

Infosys (1.35%), State Bank of India (1.34%) and Hero MotoCorp (1.33%). Other gainers on the Sensex include Coal India, Maruti Suzuki, Power Grid and Tata Steel.

However, Cipla, Axis Bank, Kotak Bank, HDFC Ltd, Lupin, Tata Motors, ITC Ltd, Hindustan Unilever, Bajaj Auto and L&T, stood among the laggards falling up to 2.38%.

Tracking overall trends, the broader markets were also in better shape with the mid-cap surging 0.45% and the small-cap index rising 0.09%.

Moreover, covering-up by speculators who had been creating short positions too gave equities a push.

Sentiment also got a lift after revenue secretary Hasmukh Adhia has had earlier some rejig in goods and services tax rate structure is required to reduce the burden on small and medium businesses, brokers said.

Despite holding a bullish stance for the long term, experts do not recommend entering short-term long positions, advising investors to watch their step while trading.

STAGING RECOVERY

  • Gains were led by Reliance Industries, Bharti Airtel, ICICI, HDFC Bank and Infosys
     
  • Japan’s Nikkei posted the longest winning-streak in its nearly 70-year history
Find your daily dose of news & explainers in your WhatsApp. Stay updated, Stay informed-  Follow DNA on WhatsApp.
Advertisement

Live tv

Advertisement
Advertisement