Indian shares gain as banks rebound
Picture used for illustrative purpose. File
Gulf Today Report
Indian shares rose on Monday as banking sectors recorded gains that overshadowed the decline in Reliance Industries.
The blue-chip NSE Nifty 50 index rose 0.12% to 14,388.75 while the benchmark S&P BSE Sensex gained 0.05% to 48,902.52.
Samrat Dasgupta, chief executive officer at Esquire Capital Investment said "today is a day of volatility after the correction on Friday ... It remains a buy on dip market."
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Reliance Industries fell by 4.7%, its largest intraday percentage loss in over a month. It led the drag of the blue-chip Nifty 50.
"The stock (Reliance Industries) had run up quite a bit and this correction was warranted for some time," Dasgupta said of Reliance, which gained about 5.8% last week in the run-up to its results.
Bank stocks led the gains, with shares of HDFC Bank rising 2.2% to become the biggest boost to Nifty, while Kotak Mahindra Bank gained 1.3% ahead of its quarterly earnings to be released later in the day.
