Indian shares snap four-day losing streak as banks, pharma stocks take lead

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BENGALURU, Oct 4 (Businesshala) – Indian shares closed higher on Monday after falling in four straight sessions led by banking and pharmaceutical stocks, with investors now eyeing a central bank policy meeting and the start of domestic corporate results season .

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The blue-chip NSE Nifty 50 index closed 0.91% higher at 17,691.25, while the benchmark S&P BSE Sensex rose 0.91% to 59,299.32.

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Last week the index posted its worst weekly performance in months, as markets consolidated after touching several record highs in September, when fewer COVID-19 cases eased restrictions across the country .

Looking ahead, a meeting of the Reserve Bank of India is on the radar of investors as it may point towards an end to its accommodative monetary policy, while IT firm Tata Consultancy Services on Friday announced its results for the September-quarter earnings session. will start with.

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Among individual stocks and sectors, public sector banks jumped over 2% on Monday to gain on the benchmark index, with Union Bank of India rising over 3%.

Pharmaceutical shares were up 1.5%. Divi’s labs rose 8% after global drugmaker Merck & Co. reported positive test results for its COVID-19 pill, the main ingredient of which is made by Divi’s Labs.

Energy shares were up 1.5%, while tech stocks rose as well.

Gains in the energy sector were driven by power retailer NTPC Ltd as it rose over 4%, following media reports of the company raising Rs 150 billion ($2.02 billion) through an IPO across three entities.

Reporting by Soumyajit Saha in Bengaluru; editing by Uttaresh.V

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