INDIAN EQUITY MARKET CONTINUED THE RALLY AND EXTENDED THE GAINS FOR THE 6TH CONSECUTIVE SESSION

Domestic Equity Market closed at record high levels on Monday as investor optimism stayed elevated. Strong gains in auto and metal stocks along with positive global cues have boosted the investor’s sentiment. Net buying in FII/FPI was at Rs.1,461.71 crore while net selling of DII was at Rs.1,418.65 crore. The Sensex ended 617.14 points, or 1.22 percent, higher at 51,348.77 with stocks like Mahindra & Mahindra, Bajaj Finserv, Bharti Airtel, Powergrid, Infosys, ICICI Bank, Tech Mahindra, L & T, Axis Bank were the topmost gainers with a gain of 7.23%, 3.24%, 2.77%, 2.61%, 2.52%, 2.43%, 2.37%, 2.35%, 2.31% respectively whereas shares of HUL, Kotak Bank, Bajaj Finance, ITC, Bajaj Auto, Sun Pharma were the losers with a loss of 1.43%, 1.32%, 0.70%, 0.49%, 0.22%, 0.02% respectively. The Nifty gained 191.55 points, or 1.28 percent to close at 15,115.80 with Indexes like Metal, Auto, IT, Realty, Energy Indexes were having gains of 3.17%, 3.14%, 2.31%, 2.01%, 1.43% respectively while FMCG Index was the loser with a loss of 0.55%.

TOP STOCKS IN NEWSCAST:

Mahindra & Mahindra surged over 7% as the company reported its fiscal third-quarter earnings where the company reported a 40% on-year jump in net profit.

Bajaj Finserv rose 3.24% after the government proposed to increase foreign direct investment in the insurance sector to 74 per cent, a move aimed at attracting overseas players.

Bharti Airtel gained over 2% as the company’s revenue was up 6% q-o-q to Rs 265.2 bn while Ebitda was up 9% q-o-q to Rs 120.5 bn on healthy operating leverage in the Wireless and Africa businesses.