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Indian markets rise as traders pick banking stocks

By Munikoti Rochan

11:51, 25 October 2021

The Bombay Stock Exchange building in Mumbai, India
Real estate stocks declined on NSE India – Photo: Shutterstock

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.

USD/JPY

139.50 Price
-0.320% 1D Chg, %
Long position overnight fee 0.0105%
Short position overnight fee -0.0188%
Overnight fee time 21:00 (UTC)
Spread 0.010

GBP/USD

1.24 Price
0.000% 1D Chg, %
Long position overnight fee -0.0061%
Short position overnight fee -0.0021%
Overnight fee time 21:00 (UTC)
Spread 0.00013

EUR/USD

1.07 Price
+0.100% 1D Chg, %
Long position overnight fee -0.0096%
Short position overnight fee 0.0014%
Overnight fee time 21:00 (UTC)
Spread 0.00006

GBP/JPY

173.56 Price
-0.360% 1D Chg, %
Long position overnight fee 0.0085%
Short position overnight fee -0.0168%
Overnight fee time 21:00 (UTC)
Spread 0.028

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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