Stock market today: Domestic equity benchmarks Nifty50 and Sensex rose on Monday amid broad-based buying led by financial and technology stocks. The leaner Sensex index closed 560.29 points, or 0.77 per cent higher at 73,648.62 while the 50-share index Nifty closed at 22,336.4, up 189.4 points, or 0.86 per cent.

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From the Nifty50 basket, Tata Consumer Products, BPCL, L&T and Eicher Motors were the major gainers while NTPC, HDFC Bank, JSW Steel and IndusInd Bank were among the laggards. 44 of the Nifty 50 stocks advanced and twelve of the 5 major sectors logged losses. 

"The Indian market extended last Friday's relief rally as Middle East tension saw some respite, though the situation remains fluid. The recovery was broad-based across sectors, with renewed interest in mid- and small caps. Gold and oil prices showed some relief but are still at elevated levels," Vinod Nair, Head of Research, Geojit Financial Services said. 

"Hawkish remarks from the US FED, driven by persistent inflation and robust economic data, spurred a rally in bond yields. The prevailing higher interest rate environment is expected to persist longer than expected which, along with the moderating earnings growth, suggests a continuation of the consolidation in the near-term," he added. 

Global Market

European shares edged higher on Monday with investors bracing for earnings reports from several big banks later in the week, while Portuguese oil firm Galp soared to a 16-year high following a positive update to its gas exploration in Namibia.

The pan-continent STOXX 600 was up 0.2 per cent by 0828 GMT, supported by a 0.3 per cent gain in banking stocks.

Earnings reports from European lenders will be in the spotlight this week as investors are likely to get a clearer picture of whether higher interest rates are still boosting profits or if a year-long share price rally will run out of steam.

(with agency inputs)

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