Sensex, Nifty Surge Higher As Stocks Rally On Positive Global Cues

(RTTNews) - Indian shares are up firmly Monday morning on widespread buying thanks to positive global cues.

The rally on Wall Street on Friday on encouraging jobs data and strong results from Apple Inc set up a firm start for Asian markets this morning.

Shares from financials, automobile, FMCG and realty sectors are among the top gainers. Several stocks from technology and oil sectors are also notably higher.

The benchmark BSE Sensex, which surged to 61,722.41, is up 565.62 points or 0.93% at 61,619.91. The broader Nifty50 index of the National Stock Exchange is up 152.10 points or 0.84% at 18,221.10, easing a bit from a high of 18,252.25.

Only three stocks out of the 30-stock Sensex are down in negative territory. Larsen & Toubro, Sun Pharmaceutical Industries and Asian Paints are down 0.3 to 0.7%.

IndusInd Bank is surging 5%. Bajaj Finance, Bajaj Finserv, Tata Motors, Kotak Bank, Mahindra & Mahindra and Power Grid Corporation are gaining 1.5 to 3%.

HDFC, ICICI Bank, HDFC Bank, Maruti Suzuki, Titan Industries, NTPC, UltraTech Cement and Hind Unilever are up 1 to 1.4%.

Hindalco is rising more than 2%. ONGC is up nearly 2%, while Axis Bank, HDFC Life is up 1.5%. Hero Motocorp and Grasim Industries are also notably higher.

IT majors Infosys, Wipro, Tech Mahindra and Tata Consultancy Services are up marginally. HCL Technologies is gaining about 0.7%.

Coal India shares are down 2.7% on lower earnings. The company reported consolidated net profit of Rs 5,527.62 crore for the March quarter, down 17.7% from a year ago. Consolidated revenue for the quarter rose 17.3% year on year.

Adani Power reported consolidates net profit of Rs 5,242.48 crore in the fourth quarter of 2022-23, compared to Rs 4,645 crore a year ago. The stock is down nearly 1%.

Union Bank of India is down 1.7%. The bank reported a net profit of Rs 2,812 crore for the quarter ended March 2023, compared to Rs 1,557 crore in the corresponding quarter of the previous year.

Bank of India is down nearly 6% despite reporting a 123% jump in net profit at Rs 1,350 crore in the fourth quarter of financial year 2023, from Rs 606 crore in the fourth quarter of the previous financial year.

Piramal Enterprises Limited reported a net loss of Rs 196 crore in the January - March quarter as against a profit of Rs 151 crore a year ago. Piramal shares are up 0.7%.

Alembic Pharma reported a net profit of Rs 153 crore for the quarter ended March 2023, compare with Rs 22 crore in the year-ago quarter. The stock is gaining about 1.2%.