Tech Mahindra, PowerGrid, Dr.Reddy’s Share Gains As Sensex Ends 295.93 Points Higher

Equity benchmark Sensex ended 296 points higher on Monday, tracking gains in index majors ICICI Bank, HDFC twins and Tech Mahindra amid a largely positive trend in global markets.

After rebounding over 960 points from the day’s low during the session, the 30-share index settled 295.93 points or 0.52 per cent higher at 57,420.24. Similarly, the Nifty recovered 82.50 points or 0.49 per cent to 17,086.25.

Tech Mahindra was the top gainer in the Sensex pack, rising over 3 per cent, followed by Dr Reddy’s, PowerGrid, Kotak Bank, Sun Pharma, ICICI Bank and M&M.

On the other hand, IndusInd Bank, Asian Paints, Maruti and Bharti Airtel were among the laggards.

Meanwhile, the shares of HP Adhesives got listed at Rs 315 per share on the NSE, a premium of around 15 per cent as compared to its IPO issue price of Rs 274 apiece. However, the shares of RBL Bank fell more than 20 per cent, reported Mint.

Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers

Solani was quoted by Mint as saying, “Indian markets opened in red tracking mixed Asian market cues as investors tracked omicron variant amid holiday-thinned trade. During the afternoon session, the markets scaled back to green showing a steady trade with gaining momentum supported by gains in healthcare, industrials, and capital goods stocks.”

He said traders were encouraged as a member of the Monetary Policy Committee (MPC) of the Reserve Bank expressed hope that in a few quarters from now, capital investment would begin to pick up even in the old economy, and said the next fiscal year is also expected to witness a decent growth.

Elsewhere in Asia, bourses in Shanghai, Seoul and Tokyo ended in the red, while Hong Kong was positive. Stock exchanges in Europe were trading on a mixed note in mid-session deals.

Meanwhile, international oil benchmark Brent crude rose 0.01 per cent to $75.78 per barrel.