The initial numbers from private banks, oil and gas sector, and automobiles have all been good driving the Sensex higher.
Indian stock markets are putting up a great show on the back of a fantastic showing in fourth quarter numbers. The initial numbers from private banks, oil and gas sector, and automobiles have all been good driving up the Sensex 328 points. The Sensex has crossed the psychological 26,000 levels.
Metals and infrastructure counters rebounded sharply after two days of minor profit taking. Hindalco, Bhel, Tata Motors, Tata Steel and Lupin were among the top gainers with gains of 2-5%.
In a day that witnessed all round buying, only six scrips from the bellwether index ended in the negative by 0.10-1.25%. Adani Ports and Hero MotoCorp were among the big losers with dips of more than 1 percent on their stocks prices.
The Q4 numbers are a bit of a positive surprise for the markets coupled with the fact that foreign investors have been continuously on a buying spree. Companies such as Reliance, IndusInd Bank, HDFC Bank, Maruti have all been showing handsome results, which has surprised the markets positively.
Earnings are expected to further gain momentum in the next few quarters on the back of news that the monsoon is going to be above average.