Indian shares end higher as IT stocks, banks gain
- The blue-chip NSE Nifty 50 index ended up 0.12% at 16,258.25 and the benchmark S&P BSE Sensex was 0.23% higher to 54,402.85
BENGALURU: Indian shares closed higher on Monday on the back of gains in information technology and financial stocks, while automaker Mahindra & Mahindra firmed following an upbeat earnings report last week.
The blue-chip NSE Nifty 50 index ended up 0.12% at 16,258.25 and the benchmark S&P BSE Sensex was 0.23% higher to 54,402.85.
Domestic equities scaled record highs last week and notched a weekly gain of 3% thanks to a string of strong corporate earnings reports and the central bank's decision to keep interest rates unchanged.
Leading the gains on the Nifty on Monday, automaker Mahindra & Mahindra and financial services firm Bajaj Finserv added 2.2% and 1.7%, respectively.
Mahindra reported a profit for the first quarter on Friday as demand for passenger vehicles and tractors improved.
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The Nifty IT index ended 0.44% higher, with Infosys Ltd and Tech Mahindra Ltd rising 0.8% and 1.8%, respectively.
The Nifty Bank index and Nifty Private Bank index gained 0.61% and 0.69%, respectively.
Shares of tyre maker MRF Ltd ended 1.1% higher after the company reported a rise in June-quarter profit and revenue.
Industrial machine parts maker Rolex Rings closed 29.7% higher in its market debut.
On the other hand, Nifty's metal and energy sub-indexes ended down 1.87% and 0.72%, respectively.
Globally, shares treaded water as sharp falls in gold and oil prices briefly spooked sentiment.
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