Sensex gains ground, banking stocks lead positive move

BSE Sensex gained 500 factors on Monday led by banking stocks.

Sensex was buying and selling at 74,248 factors, up by 518 factors. ICICI Bank and IndusInd Bank had been up greater than 2 per cent in commerce whereas Kotak Mahindra and Axis Bank had been up greater than 1 per cent.

V.Okay. Vijayakumar, Chief Investment Strategist at Geojit Financial Services stated the main unfavourable available in the market continues to be the sustained promoting by FIIs, triggered by the excessive bond yields within the US. This promoting by FIIs, in each fairness and debt, will proceed to weigh on markets as long as the US bond yields stay excessive, which, in flip, shall be determined by the US inflation numbers.

“ICICI Bank outcomes are superb. Impressive development in deposit and credit score and a decline in NPAs augur properly for the inventory. HCL Tech’s low steering of three to five per cent income development in FY25 will weigh on the inventory. Pharma and auto sectors will proceed to stay resilient,” he stated.

HCL Tech is down greater than 5 per cent on Monday. HCL Technologies (HCLT) reported weak 4QFY24 efficiency, Motilal Oswal Financial Services stated.

“While we count on some near-term stress on the inventory on account of weak FY25 income development steering, we proceed to count on the inventory to outperform its friends. We minimize our FY25-26 earnings estimates by 6-8 per cent to think about weaker-than-expected steering,” the brokerage added.

(With inputs from IANS)