Indian shares ended higher on Monday as strong June-quarter results by HDFC Bank lifted investor sentiment, adding to last week’s strong IT earnings releases.

Share Market Live

NSE

The Sensex ended 399 points higher at 37,419, while the Nifty rose 120 points to settle at 11,022. Broader markets were also positive for the day, with Nifty Midcap and Nifty Smallcap indices up around 1 percent each.

India’s biggest private-sector lender, HDFC Bank on Saturday reported a 20 percent rise in first-quarter profit, sending its shares up 2.7 percent for the day.

The lender’s results came after three IT majors — Infosys, Wipro, and HCL Technologies — also reported profits that beat expectations over the last week.

The rise in HDFC Bank lifted the Nifty banking and financial index to rise around 1.5 percent each. Other financial stocks like Bajaj Finance and Bajaj Finserv also surged around 4 percent each.

Meanwhile, biscuit maker Britannia Industries topped the Nifty gainers and rising over 5 percent. the other 4 top gainers were IT stocks- Wipro, Infosys, Tech Mahindra, and HCL Tech, up over 4 percent each. The rise in heavyweight I stocks lifted Nifty IT over 3 percent.

Pharma stocks were the biggest laggards for the day, with Sun Pharma shedding 3.9 percent and Cipla dropping over 2 percent dragging the Nifty Pharma index over 1.5 percent.

Glenmark Pharmaceuticals dropped 2 percent after DGCI sent a notice to the company on overpricing and false claims of its generic version of favipiravir, FabiFlu.

First Published:Jul 20, 2020 3:37 PM IST