India’s benchmark indexes advanced on Monday, led by gains in Kotak Mahindra Bank and Wipro after their better-than-expected quarterly earnings, while the focus shifts to the U.S. policy framework with Donald Trump set to take oath as the President.
The Nifty 50 rose 0.61% to end at 23,344.75, while the BSE Sensex rose 0.59% to finish at 77,073.44.
The broader, more domestically focussed smallcaps and midcaps rose about 1% each.
Eleven of the 13 major sectors logged gains. High weightage financials and private banks rose 1.4% and 2.4%, respectively.
That was led by Kotak Mahindra Bank, which jumped 9.2% after reporting a 10% rise in quarterly profit, helped by higher lending income.
Wipro surged 6.5% after beating third-quarter estimates for revenue and profit and signaling a revival in demand.
Kotak and Wipro were the top gainers on the Nifty 50.
Indian shares set for muted start ahead of Trump’s second presidency
“The quarterly results of Kotak Mahindra Bank and Wipro have boosted market sentiment and validated the fact that the worries over earnings moderation were overdone,” said Deven Choksey, managing director at DRChoksey FinServ.
The markets’ trajectory will now be heavily influenced by the initial policy announcements from Trump, who is due to be sworn in later in the day, said two analysts.
Concerns over Trump’s policy framework and the prospects of fewer U.S. rate cuts have led to foreign portfolio investors (FPI) offloading Indian stocks and bonds worth about $6.4 billion so far in January.
Among individual stocks, non-bank lender Bajaj Finance rose about 3.6% after partnering with telco Bharti Airtel to create digital platforms for financial services. Bharti Airtel rose 0.8%.
State-owned Indian Overseas Bank gained 3.2% on posting a higher quarterly profit.
United Breweries, the country’s biggest beer company, climbed 5.5% after it decided to resume supply of beer to the state of Telangana.
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