Noida, Oct 5 (APAC Media): Indian equities BSE Sensex and NSE Nifty recovered on Monday after eight straight weeks of losses, with benchmark indices gaining around half a per cent in early trade as easing crude oil prices and improved global sentiment supported buying.
The Sensex rose 371.64 points, or 0.52 per cent, to 72,281.34 at the open, while the Nifty 50 advanced 108.45 points, or 0.48 per cent, to 22,530.40.
The recovery followed a sustained selloff in domestic equities, with investors closely watching crude prices, foreign fund flows and expectations surrounding US interest rates.
Financial stocks were among the key gainers.
Bajaj Finance rose sharply after the non-banking financial company reported an 11 per cent year-on-year increase in new loans during the September quarter. Shares of Punjab National Bank and Bank of Baroda also advanced after the lenders reported growth in advances.
Mahindra & Mahindra Financial Services gained after reporting a 22 per cent increase in quarterly disbursements.
ITC was another major contributor to the market’s advance, gaining more than 5 per cent after brokerage Citi upgraded its recommendation on the stock. Shares of FSN E-Commerce Ventures, the parent company of Nykaa, also moved higher following an update on quarterly business performance.
The gains were, however, capped by weakness in select technology and consumer stocks. HCL Technologies fell around 3 per cent, while Asian Paints, Max Healthcare and Avenue Supermarts were among the other notable losers.
Market sentiment also improved after crude oil prices eased. Brent crude traded around $102 a barrel, reducing some of the pressure on India’s import bill and inflation outlook.
Weaker-than-expected US employment data further supported expectations that the Federal Reserve may adopt a less aggressive approach to monetary policy, aiding risk appetite across emerging markets.
Investors will now track the Reserve Bank of India’s monetary policy decision, foreign institutional investor flows, crude prices and the September-quarter earnings season.
TCS is scheduled to announce its quarterly results on October 8, marking the start of a closely watched earnings period for Indian markets.
–ENDS–
Disclaimer: This article is for informational purposes only and is based on publicly available information. APAC Media is not responsible for investment decisions or losses. Please conduct your own research or consult a financial adviser before investing.
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