Nifty climbs on strength in Reliance Industries\, IT

Nifty climbs on strength in Reliance Industries, IT

Reuters 

By Chris Thomas

The advanced 0.65 percent to 10,978.3 as of 0525 GMT, while the benchmark added 0.77 percent to 36,668.26.

In broader Asia, markets kept calm as data showed the Chinese economy slowed at the end of last year, underlining the urgent need for more stimulus as wrestles with the over trade.

"The market momentum has continued into this week," said Siddhartha Khemka, at "Stocks, especially heavyweights, have gained on the back of last week's good quarterly numbers, and that has buoyed the sentiment."

The saw its best week since mid-December on Friday, posting a weekly gain of 1.04 percent.

Back home, climbed 3.2 percent to its highest since Oct. 3 in its second session of gains after reporting record quarterly numbers.

The stock accounted for the biggest share of gains in the indexes.

The rupee weakened as climbed to 2019 highs, giving IT stocks a lift.

rose 2.7 percent to its highest since Oct. 3, while Tata Consultancy Services Ltd, up for a fifth straight session, advanced 1.7 percent.

Meanwhile, provider fell as much as 3.6 percent after it forecast a soft March quarter in terms of IT services revenue.

Sun Pharmaceutical Industries Ltd, which had tumbled over 14 percent last week on reports of a fresh whistleblower complaint, rose as much as 4 percent on Monday.

HDFC Bank, India's biggest lender by market value, rose 1.6 percent to a near 25-week high after reporting a 20.31 percent rise in third-quarter net profit.

Ltd dropped 3.4 percent to its lowest since Oct. 31 after India's capital market regulator, SEBI, advised the company against proceeding with its proposed share buyback worth 90 billion rupees. It clawed back some losses to trade largely flat by 0522 GMT.

(Reporting by in Bengaluru; Editing by Shreejay Sinha)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, January 21 2019. 11:23 IST