Indian Economy News

Sensex jumps 296 points, pharma stocks surge

On Monday, equity benchmark indices were range-bound though ended the day in the green, owing to the RBI's liquidity efforts and signs of strong corporate earnings.

The BSE S&P Sensex was up 296 points, or 0.6%, at 49,502 at the close, while the Nifty 50 was up 119 points, or 0.8%, at 14,942.

The National Stock Exchange's sectoral indices were all in the green, with Nifty metal rising 3%, pharma increasing 2.8%, and auto up 1.5%.

Coal India increased 8% to Rs. 148.10 (US$ 2.02) per share in the stock market. Dr. Reddy's and Sun Pharma, both major pharmaceutical companies, were up 3% and 2.7%, respectively.

Hindalco increased 6.2% to close at Rs. 4,265 (US$ 58.16) per share, while Tata Steel gained 3% to Rs. 1,218.50 (US$ 16.61) per share. Firms like Tata Motors, UPL, IndiaOil Corporation, and Larsen & Toubro were also in the positive zone.

Asian stocks increased on expectations that low interest rates would be maintained as inflationary pressures ease.

The Nikkei in Japan gained 0.55% as investors' attention turned to corporate earnings, while the Kospi in South Korea gained 1.63%.

The Hang Seng in Hong Kong closed 0.05% lower, held down by the technology sector.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.