ICICI Bank was biggest gainer among Sensex stocks, up 2.5 percent followed by ITC, HDFC, HDFC Bank, SBI, L&T, Axis Bank and Reliance Industries.
Equity benchmarks as well as broader markets maintained early gains, with the Sensex rising over 150 points supported by banking & financials ahead of RBI monetary policy later in the week.
The 30-share BSE Sensex was up 180.44 points or 0.64 percent at 28420.96 and the 50-share NSE Nifty rose 52.60 points or 0.60 percent to 8793.55.
Dipen Shah of Kotak Securities says going ahead, the remaining quarterly results will be important to determine the impact of demonetisation.
Focus will now shift to the RBI meeting this week wherein expectations of interest rate cuts have increased, after the Finance Minister set the fiscal deficit target at 3.2%, he feels.
The BSE Midcap and Smallcap indices also gained 0.6 percent each as about three shares advanced for every share falling on the exchange. ICICI Bank was biggest gainer among Sensex stocks, up 2.5 percent followed by ITC, HDFC, HDFC Bank, SBI, L&T, Axis Bank and Reliance Industries.
Dr Reddy’s Labs slipped over 2 percent after consolidated net profit in Q3 fell 15.9 percent to Rs 492.3 crore YoY, though overall earnings beat analysts’ expectations. Analysts don’t expect margin to sustain going forward.