Sensex, Nifty Post Best Monthly Gain In Six On Earnings Outlook
Indian equity benchmarks rose to their highest level in over two months led by private sector lenders and Reliance Industries which rose to record high ahead of its March quarter earnings.
Of the 12 Nifty companies that have reported their January to March earnings so far, net incomes at six have matched or beaten analyst estimates, according to data compiled by Bloomberg.
The S&P BSE Sensex rose 0.7 percent or 256 points to 34,969.70 and the NSE Nifty 50 index climbed 0.7 percent or 74 points to 10,692.
In April, benchmarks posted their best monthly gain since October last year. The Sensex rose 6 percent and the Nifty 50 index surged 5.7 percent, making it best April in nine years.
Sixteen out of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Bankex index's 2 percent gain. On the flipside, the S&P BSE IT index was the top sectoral loser, down 1 percent.
Sell in May And Go Away... Or Stay Put? Find Out On The F&O Show
PC Jeweller Slumps Over 30%; Trading Volumes Surge
Shares of the Delhi-based jewller slumped as much as 34 percent, the biggest intraday fall since it got listed, to Rs 156.50.
Trading volume was 4.4 times its 20-day average.
Do Not Know Who Is Selling Shares: PC Jeweller On Sharp Fall
- Do not know who the seller is or what is happening with the stock price
- Have been investigating recent movement in price of the stock along with volume traded
- Have given regular disclosure to the exchanges in a timely manner
- Promoter shareholding stands at 60 percent, no plans to sell
Axis Bank Extends Gains, Rises Most In Nearly 4 Years
Shares of the Mumbai-based private sector lender rose as much as 10 percent, the most in nearly four years, to Rs 543.10.
Axis Bank surged even after it reported its first quarterly loss since it was listed as analysts chose to focus on the bank’s decision to speed up recognition of stressed loans and the relatively high provision coverage ratio maintained by the bank.
Block Deal Alert: Network 18 Rises Post Block Deal
- Network 18 Media has 10 lakh shares change hands in a block deal.
Buyers and sellers were not immediately known