BENGALURU: Indian shares rose on Monday, as a rebound in IT and financial stocks outweighed the slide in Reliance Industries following spin-off Jio Financial’s weak trading debut.
The Nifty 50 index settled 0.43% higher at 19,393.60, while the S&P BSE Sensex added 0.41% to 65,216.09.
IT stocks gained 1.09%, rebounding from a 1.47% tumble on Friday on worries about higher US interest rates. “A lot of good mid-cap IT firms, which were at lofty valuations, have corrected massively in the last 10-12 months making them attractive buy opportunities at the current levels,” said Aishvarya Dadheech, chief investment officer at Fident Asset Management.
Financials rose 0.46% after a seven-day losing run in which they shed about 3%.
Bajaj Finance gained 2.75%, snapping a five-session losing streak. On the flip side, Jio Financial tumbled 5% in its market debut and closed at the lower circuit. That led parent Reliance 1.44% lower, with both stocks among the top Nifty losers.
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