Stock Market Update: Buying in Reliance Industries and IT counters helped equity benchmarks end more than 1% higher as bullish market trends around the world continued. The 30-share BSE Sensex rose 846.94 points, or 1.41%, to close at 60747.31. To reach 60,889.41 during the day, it increased by 989.04 points, or 1.65%.
The more inclusive NSE Nifty increased by 241.75 points, or 1.35 percent, to close at 18101.20.
Here are the top gainers
Mahindra & Mahindra, HCL Technologies, IndusInd Bank, Tata Consultancy Services, Bharti Airtel, Tech Mahindra, Wipro, Infosys, Reliance Industries, and Axis Bank were among the top gainers from the Sensex pack. Before TCS’s earnings later in the day, IT counters were in high demand.
Margin to improve despite muted sales growth
Due to the effect of furloughs and year-end holidays, Tata Consultancy Services Limited (TCS) is projected to experience a modest increase in revenue for the December quarter. But due to increased utilisation and decreased attrition, profitability will increase consecutively.
On Monday, the third quarter profits of India’s largest IT company by market capitalization will be announced.
Brokerage estimates predict that the company would announce a 1-2% sequential increase in its consolidated revenue to between Rs 56539 and 57435 crore. If the growth follows the projections, this will be TCS’s weakest sales growth in more than six quarters.
Stock Market Update: Bond yields ease
In response to mixed economic data on Monday, Indian government bond yields decreased, following a decline in their American counterparts. This week’s inflation readings will now be the focus.
The benchmark 10-year yield hit a high of 7.3736% on Friday, its highest level since November 9, and ended the week’s first trading session at 7.3427%.
Also Read: 5 amazing 7-Seater Cars launching in 2023, see this list before you buy a new SUV
Keep watching our YouTube Channel ‘DNP INDIA’. Also, please subscribe and follow us on FACEBOOK, INSTAGRAM, and TWITTER.