MUMBAI: India’s equity benchmarks rose on Monday, clawing back from early range-bound trades as gains in IT and financial stocks offset caution stemming from the ongoing Israel-Iran conflict.
The Nifty 50 rose 0.92% at 24,946.50 and the BSE Sensex rose 0.84% to 81,796.15. Markets are exhibiting resilience despite geopolitical and trade risks due to supportive macros like softening inflation, fiscal control and a steep rate cut, said Raghvendra Nath, managing director at Ladderup Asset Managers.
The IT index rose 1.6% while high-weight financials gained 0.8%, snapping a four-day losing streak.
The heaviest stock on the benchmark indexes, HDFC Bank , rose about 1% after Jefferies saw strong credit growth, easing regulations, rate cuts as key positives for the private lender.