Index heavyweights lift market from lows; Nifty above 10,900

A good fight put up by the bulls in the last hour ensured that the market had a good start to the week. The Sensex closed with gains of over 100 points, while the Nifty ended above 10,900-mark.

Buying counters were buzzing in case of index heavyweights such as Reliance Industries as well as HDFC twins. The rally in these names helped the frontline index recover from day’s low point.

To put things in perspective, shares of HDFC Bank and Kotak Mahindra Bank contributed over 90 percent of Nifty Bank’s gain.

The steady positive close comes amid mixed global cues as investors there reacted to corporate earnings. Bulls managed to shrug off negative cues such as rise in crude prices and a weaker rupee.

At the close of market hours, the Sensex was up 113.31 points or 0.31% at 36582.74, and the Nifty was up 18.60 points or 0.17% at 10912.30. The market breadth was negative as 813 shares advanced, against a decline of 1,754 shares, while 161 shares were unchanged.

Stocks in the News

Shares of Reliance Communciations tanked over 35 percent as investors turned cautious of the company opting for insolvency proceedings.

Shares of IDBI Bank fell 4 percent after reporting another quarterly loss for the December quarter.

Titan was the top index gainer after it posted strong numbers for December quarter.

Global markets

European stocks were lower on Monday as investors here digested corporate earnings’ cues. Stoxx 600 edged 0.1 percent lower.

In Asian markets, Nikkei 225 advanced 0.46 percent to close at 20,883.77 while the Topix rose 1.07 percent to finish its trading day at 1,581.33. Shares of tech giant Sony closed down 8.07 percent after the company cut its sales and operating revenue forecast for the fiscal year.