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Indian shares kicked off November on a strong note as realty and metal stocks helped benchmark indexes close more than 1 per cent higher on Monday after three straight sessions of losses, with sentiment aided by upbeat corporate results.
The blue-chip NSE Nifty 50 index closed up 1.46 per cent at 17,929.65, while the benchmark S&P BSE Sensex gained 1.40 per cent to end at 60,138.46. Indian shares kicked off November on a strong note as realty and metal stocks helped benchmark indexes close more than 1 per cent higher on Monday after three straight sessions of losses, with sentiment aided by upbeat corporate results.
The blue-chip NSE Nifty 50 index closed up 1.46 per cent at 17,929.65, while the benchmark S&P BSE Sensex gained 1.40 per cent to end at 60,138.46.
“Some relief on the earnings front is triggering rebound,” said Ajit Mishra, vice president of research at Religare Broking.
“Considering the kind of valuation that we are trading at... it’s prudent that the market should spend some time around the current levels before making any major directional move,” Mishra added.
Out of the 30 Nifty 50 companies that have reported September-quarter results so far, 17 have beaten estimates, Refinitiv Eikon data showed.
The Nifty metal index added 3.06 per cent on Monday, helped by a 8.8 per cent jump in Steel Authority of India after the steelmaker posted a near eleven-fold surge in quarterly profit.
The Nifty realty index climbed 4.03 per cent. Demand for housing and office spaces is gaining traction as the economy opens up further and the festive season starts. This was reflected in quarterly results reported by DLF and Oberoi Realty last week.
