BENGALURU: India’s blue-chip indexes recovered from a lacklustre start to end Monday with gains, helped by a results-led boost to key constituents after heavyweight Reliance posted a bigger quarterly profit late last week.
The NSE Nifty 50 index closed 0.49% higher at 19,140.90, while the S&P BSE Sensex rose 0.52% to 64,112.65.
Reliance Industries, which has nearly 10% weightage in Nifty 50, rose 2.06% after posting a 27.4% rise in consolidated profit in the second quarter.
“In a market where most stocks are trading well above historic valuations, Reliance’s fair relative valuations are an attraction,” wrote analysts at JP Morgan.
The oil-to-telecom conglomerate led the gains in energy , oil & gas indexes, which were up over 1% each.
Bharat Petroleum Corp gained 3.57% and Cipla added 1.64%, after reporting strong quarterly earnings.
“The rise in today’s session was led by some of the largest counters like Reliance, Cipla, BPCL as their stable earnings reiterate that there is nothing fundamentally wrong with those businesses, despite the recent market underperformance of some of these companies,” said Deven Choksey, managing director of KRChoksey Holdings.
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