SBI, RIL lead rebound in Indian equities; Sensex up 404 points

MUMBAI: Reversing the morning session losses, the Indian stock market’s benchmark Sensex was trading 404 points higher in the afternoon session on Monday, led by strong buying support in banking, energy and IT stocks.

The 30 stock S&P BSE Sensex was trading 403.82 points or 0.70 per cent higher at 58,323.79 points at 1.12 pm against its previous session’s close at 57,919.97 points.

Earlier, the Sensex started the day in the red at 57,752.50 points and slumped to a low of 57,639.80 points in the early morning session. The Sensex rose sharply in the late morning session. The buying interest was further strengthened in the afternoon session.

This is the second consecutive session of strong rally in the market. The Sensex had gained 684.64 points or 1.20 per cent on Friday.

The broader Nifty 50 of the National Stock Exchange was trading 114.45 points or 0.67 per cent higher at 17,300.15 points against its previous session’s close at 17,185.70 points.

The Nifty started the day in the red at 17,144.80 points and slumped to a low of 17,098.55 points in the morning session.

The Nifty had rallied 171.35 points or 1.01 per cent on Friday.

There was strong buying support in banking and financial stocks. State Bank of India surged 2.31 per cent to Rs 539.25. ICICI Bank was trading 1.51 per cent higher at Rs 883.25. Kotak Bank jumped 1.05 per cent to Rs 1853.90.

The index heavyweight Reliance Industries Limited was trading 1.09 per cent higher at Rs 2396.95.

Infosys, NTPC, Hindustan Unilever, Dr Reddy’s Laboratories, IndusInd Bank and Axis Bank were among the major Sensex gainers.

HDFC Bank was trading 0.49 per cent higher at Rs 1448.15. Private sector lender HDFC Bank on Saturday said its consolidated net profit surged by 22.3 per cent to Rs 11,125 crore for July-September quarter of the current financial year led by strong growth in loan.

The bank’s consolidated advances grew by 22.8 per cent from Rs 1,249,331 crore as on September 30, 2021 to Rs 1,533,945 crore as on September 30, 2022.

HDFC Bank’s consolidated net profit for the half year ended September 30, 2022 was Rs 20,704 crore, up 21.7 per cent, over the half year ended September 30, 2021.

Only four of the 30 scrips that are part of the benchmark Sensex were trading in the red. UltraTech Cement slumped 1.35 per cent to Rs 6105.50. L&T, HCL Technologies and Power Grid Corporation were also trading in the red.