Indian shares posted their biggest monthly gain in over two years on Monday, as technology shares gained and strong numbers from Housing Development Finance Corp and Kotak Mahindra Bank boosted sentiment. The benchmark BSE index closed 0.55 percent higher at 35,160.36 and was up 6.6 percent for the month.
The broader NSE index ended 0.44 percent higher at 10,739.35, posting a monthly gain of 6.2 percent. However, disappointing numbers from index heavy weight Reliance Industries Ltd's telecoms arm Jio capped gains on both the indexes. Reliance ended down 3.3 percent.
Gains were, however, capped as index heavyweight Reliance Industries Ltd fell as much as much as 3.5 percent, its biggest percentage loss since February 2, after result from the oil-to-retail conglomerate's telecoms arm Jio failed to cheer. Asian shares extended gains as tensions in the Korean Peninsula eased and first-quarter earnings shone, even though some investors were cautious about the outlook amid the backdrop of a simmering US-China trade dispute.
"We're following the global trend, and there has not been any major disappointment in the domestic earnings season," said Sumit Pokharna, deputy vice president, Kotak Securities. IT stocks rose, with the Nifty IT index gaining as much as 2.3 percent aided by the recent weakness in the rupee. Reliance dragged the Nifty Energy index, which was down as much as 2.1 percent, its biggest intraday percentage loss in over a month. Bond and currency markets are closed on Monday and Tuesday for a public holiday. Stock markets will remain shut on Tuesday.
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