MUMBAI: India’s equity benchmarks started the week on a positive note, led by post-earnings gains in State Bank of India and Tata Motors, and as investors picked up stocks after six consecutive weeks of losses as they awaited US-Russia talks.
The Nifty 50 rose 0.91 percent to 24,585.05 points and the BSE Sensex gained 0.93 percent to 80,604.08 on Monday.
The Nifty and Sensex shed nearly 1 percent last week, posting their longest weekly losing streak in five years, as US tariffs and muted earnings weighed.
Reliance Industries, which has benefited from cheaper Russian oil imports, rose 1.4 percent. The stock fell nearly 2 percent last week.
“We are definitely seeing some bargain buying today after losses seen in the last few weeks. There is some positivity on the back of scheduled US-Russia talks. But it needs to be seen what comes out of those talks,” said Aamar Deo Singh, senior vice president at Angel One.
Fifteen of the 16 major sectors logged gains. Public sector banks were the biggest gainers with a 2.2 percent climb, led by a 2.4 percent rise in State Bank of India.
The country’s largest lender by assets posted higher profit, driven by stronger treasury income and curtailed spending.
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