Nifty Posts Best Gain In Six Weeks; Cement Makers Jump
Indian shares rose almost a percent on Monday, boosted by better-than-expected quarterly results of cement makers UltraTech and ACC while improved global risk appetite following French election outcome also supported sentiment.
The S&P BSE Sensex rose 0.99 percent to 29,655, the biggest gain since March 14. The NSE Nifty climbed 1.1 percent to 9,217.
The market breadth was in the favour of advancers, with about 5 stocks gaining to every 4 stocks that declined.
Among the sectoral indices, S&P BSE Realty and S&P BSE Capital Goods indexes advanced 3 percent and 1.7 percent, respectively.
Find out how markets end on FB Live
Reliance Recovers After Giving Up Gains As Jio Loss Widens
Reliance Jio Infocomm Ltd., the telecom unit of Reliance Industries Ltd., saw its losses widen during the second half of 2017. Net loss during the second half of the year was at Rs 22.5 crore compared to a loss of 7.46 crore during the corresponding six-month period last year.
Total income during the period stood at Rs 54 lakh against Rs 2.25 crore in the year-on-year period.
Shares of Reliance Industries gave up its gains to trade negative before recovering to trade 1.3 percent higher at Rs 1,421. Reliance Industries will post its earnings for the January-March quarter post market hours today.
UltraTech Cement Jumps After Q4 Earnings Boost
Shares of India’s largest cement maker gained as much as 5.8 percent after its fourth quarter earnings beat street estimates.
Net profit of company stood at Rs 688 crore for the quarter-ended March, compared to Rs 665 crore estimated by analysts in a Bloomberg poll
Sales came in at Rs 7,740 crore for the quarter in focus, compared to the estimated Rs 6,480 crore. Total costs for the quarter was Rs 6,710 crore.