State banks, auto stocks lift Indian stocks as earnings focus

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BENGALURU, Jan. 10 (Reuters) – Indian stocks ended higher on Monday, with the Nifty index hitting 18,000 after nearly two months, boosted by gains from public sector banks and auto stocks ahead of quarterly results from this week.

The blue-chip NSE Nifty 50 Index (.NSEI) ended up 1.07% at 18,003.30, its last level rising in mid-November, while the benchmark S&P BSE Sensex (. BSESN) closed up 1.09% at 60,395.63. Both indices recorded their eighth session of eleven gains.

All of the major Nifty sub-indices moved higher, with the PSU Banks Index (.NIFTYPSU) advancing the most with a gain of 3.2%.

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The Nifty’s Auto Index (.NIFTYAUTO) added nearly 2%, led by a 3.2% jump from two-wheeler maker Hero MotoCorp (HROM.NS).

The Nifty IT Index (.NIFTYIT) closed up 0.2% as investors focused on the best companies in the industry, releasing third quarter results on January 12.

Tata Consultancy Services (TCS.NS) rose more than 3% after the software heavyweight announced plans to consider a share buyback.

“The market expects the third quarter results from this week to be very good, especially for IT and finance,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services.

The Nifty Realty Index (.NIFTYREAL) closed up 1.9%, led by an 11.5% increase in Sunteck Realty after seeing sequential growth in quarterly presale numbers.

Among the losers, shares of Paytm (PAYT.NS) fell 6% after brokerage firm Macquarie lowered its target price on the digital payment company to Rs 900 per share, from Rs 1,200 per share.

Meanwhile, India registered 179,723 new COVID-19 infections on Monday and the country began giving booster doses to frontline workers and vulnerable elderly people to fight the rapidly spreading Omicron variant. . Read more

The surge in COVID-19 cases is being ignored by markets around the world because Omicron, while spreading rapidly, is not virulent and hospital cases are very low, Vijayakumar said.

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Report by Shivani Singh in Bangalore; edited by Uttaresh.V, Subhranshu Sahu and Ramakrishnan M.

Our standards: Thomson Reuters Trust Principles.

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