Indices end in green on gains in IT, financial stocks, global cues

Buoyed by positive cues from global peers, Indian equity indices closed in the green on Monday, led by banking, financial and IT stocks.

The BSE Sensex index ended 320 points or 0.53% higher at 60,941, while Nifty50 rose 91 points or 0.50% to settle at 18,118.

From the Sensex pack, HUL, Sun Pharma, Tata Motors, SBI and TCS were the top gainers, rising about 1.5-2%. Infosys, Tech Mahindra, HCL Tech, Kotak Bank, Nestle and Bharti Airtel also closed with gains.

On the other hand, UltraTech Cement, NTPC, Tata Steel, L&T, Reliance and Titan closed with cuts.

Sector-wise, Nifty IT rose 1.88% and Nifty Pharma surged 0.88%. Banks, financial, auto, healthcare, oil & gas, consumer durables and FMCG stocks also closed higher. Whereas, in the broader market, Nifty Midcap50 increased 1.17% and Smallcap50 advanced 0.53%.

“Market breadth tilted in favour of bulls lifted by financial stocks, amid positive cues from global peers. Strong corporate earnings reported by banks boosted appetite for financial stocks. Positive global markets owing to possibility of a less aggressive rate hike, further added colour," said Vinod Nair, Head of Research at Geojit Financial Services.

Global Markets
Asian markets closed higher on Monday, where most markets were closed for the Lunar New Year holiday.

Benchmark Nikkei 225 index jumped 1.33%, or 352.51 points, to end at 26,906.04, while the broader Topix index advanced 0.96%, or 18.51 points, to 1,945.38.

Meanwhile, the blue-chip FTSE 100 edged up 0.1% to 7,778 after posting a loss last week on worries about a recession and hawkish comments from central banks.

Currency Watch
The rupee declined against the US currency on Monday, after climbing to a near two-month high at open on dollar purchases by public sector banks likely for the Reserve Bank of India (RBI), traders said.

The rupee last traded at 81.39 to the dollar, down from 81.12 in the previous session. The local currency had reached 80.86 on the interbank order matching system immediately after the open — its highest level since December 1.

Crude Impact

Oil prices rose on Monday as participants increased their positions following a firm spot demand. Brent crude was up 11 or 0.45%, to $88.02, while West Texas Intermediate (WTI) U.S. crude fell 0.37% to $81.94 a barrel.

(With inputs from agencies)