Indian markets rise as traders pick banking stocks
11:51, 25 October 2021
Indian shares ended a four-session losing streak to finish higher on Monday as market players favoured both private and government-run banks.
The Nifty 50 Index ended 0.06% higher at 18,125.40 points, while the S&P BSE SENSEX closed 0.24% higher at 60,967.05 points.
The Nifty Private Bank, the Nifty Bank, and the Nifty Public Sector Undertaking (PSU) Bank indices rose 2.16%, 2.15% and 1.10% respectively.
However, real estate stocks declined. The Nifty Realty Index, a basket of 10 builders including Macrotech Developers, fell 2.77%.
Winners and losers
The Indian rupee was trading 0.14% lower to the US dollar, to INR75.10, at late afternoon India time.
On the Nifty, shares of India’s second-largest private lender ICICI Bank, rival Axis Bank and the state-run Oil and Natural Gas Corporation (ONGC) were the biggest gainers, adding 11.52%, 3.47% and 2.71% respectively.
State-owned fuel retailer Bharat Petroleum Corporation (BPCL), insurance provider Bajaj Finserv and the SBI Life Insurance Company were the biggest losers, shedding 3.32%, 3.26% and 2.93% respectively.
Meanwhile, on the SENSEX, shares of ICICI Bank, Axis Bank and pharmaceutical major Dr Reddy’s Laboratories (DRL) were the top gainers, adding 10.8%, 3.45% and 0.85% respectively.
Bajaj Finserv, two- and three-wheeler giant Bajaj Auto and software exporter HCL Technologies were the top losers, shedding 3.04%, 2.6% and 2.36% respectively.
Coforge ends lower
Software developer Coforge’s shares traded 6.15% lower at INR5065.65 on the NSE, despite the Greater Noida-based company’s strong quarterly results and dividend announcement.
Coforge, formerly known as NIIT Technologies, reported a near 23% year-over-year increase in profit after tax to $19.9m (£14.5m) for the quarter through September and declared an interim dividend of INR13 per share, according to a media statement.
Read more: Tata Consumer Products logs double-digit Q2 revenue growth
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