Stock Market LIVE Updates: Sensex jumps 1,100 points, Nifty above 16,600; IT stocks gain

Mahindra and Mahindra rose 3.6% to a near four-year high after it reported a jump in quarterly profit over the weekend.

The market is set for a near-term rally and the beaten down IT segment is likely to stage a good comeback, assisted by short-covering, said V K Vijayakumar, chief investment strategist at Geojit Financial Services, in a note.

The Nifty is up 1.83% at 16,651, while the sensex is up 1.91% at 55,933. Both the indexes added more than 1% on Friday.

China stocks rose on Monday as the capital Beijing and financial hub of Shanghai eased stringent Covid-19 control measures, with consumer and travel stocks leading the gains on expectation of returning to normal life. The CSI300 index rose 0.4% to 4,018.98 points at the end of the morning session, while the Shanghai Composite Index gained 0.3% to 3,140.09 points.

Automaker Mahindra and Mahindra led a 1% jump in Indian shares on Monday after reporting positive quarterly results, while the market also benefited from an improvement in the global mood on news that Shanghai would ease Covid-19 curbs.

Gainers and losers in early trade. Barring NTPC, all stocks are trading in the green

Sensex gains 644 points at 55,258; Nifty trades above 16,500

Sensex gains 485 points at 55,370; Nifty trades above 16,300

General Insurance Corporation (GIC Re) plans to upscale its branch in the International Finance Centre at GIFT City, Ahmedabad into a subsidiary.

Union Bank of India aims to bring down the government’s stake in the lender to around 75% from 83% by raising fresh equity capital.

Investors ranging from Goldman Sachs to IBM, DHL, Brookfield and some of the semiconductor giants have told the government that they are looking to significantly ramp up their Indian operations over the next two-three years amid signals from the US that several companies are looking to further reduce their dependence on China.

The government and the Insolvency & Bankruptcy Board of India (IBBI) have worked out a mechanism to share data on companies facing insolvency action as the customs and GST wings repeatedly miss the deadline for filing claims, resulting in prolonged litigation.

Many Gen Zs, born after 1997, started working in 2019. Due to Covid and WFH, most of them shifted to their hometowns, saving on house rent in metros.

Oil prices rose to two-month highs on Monday as traders waited to see if the European Union would reach an agreement on banning Russian oil ahead of a meeting on a sixth package of sanctions against Moscow for its invasion of Ukraine. Brent crude futures gained 46 cents, or 0.4%, to $119.89 a barrel at 0111 GMT, while US West Texas Intermediate (WTI) crude futures jumped 60 cents, or 0.5%, to $115.67 a barrel, extending solid gains from last week.

Public sector banks (PSBs) have doubled their net profit during financial year 2021-22. The collective profit of 12 state-owned banks during 2021-22 worked out to Rs 66,539 crore, an increase of 110% over Rs 31,816 crore in FY21.

South Korean shares started the week 1% higher on Monday to hit their highest in nearly four weeks on easing of global inflation concerns. The Korean won hit a five-week high, while the benchmark bond yield inched down.

Hong Kong and mainland Chinese stocks opened higher Monday, in line with gains across Asia and following another rally on Wall Street, with confidence boosted by an easing of long-running Covid curbs in Shanghai. The Hang Seng Index added 1.14 percent, or 236.14 points, to 20,933.50.