MUMBAI: Indian equities rose for a fourth consecutive session on Monday, ahead of a two-day holiday, due to better-than-expected earnings from banks and index heavyweight Reliance.
The Nifty 50 and the BSE Sensex increased about 0.5 percent each to one-year-highs of 25,843.15 and 84,363.37, respectively. Their 2.8 percent gain over four sessions has left them less than 2 percent shy of their lifetime highs hit in September 2024.
The flurry of earnings over the weekend ensured trading volumes were normal ahead of the market holiday on Tuesday and Wednesday for a local festival, an analyst and a trader said.
Twelve of the 16 major sectors logged gains. The broader small-caps and mid-caps rose about 0.5 percent and 0.8 percent, respectively.
The “domestic markets will reverse their underperformance over global peers as optimism is gradually returning, and the stage is set for recovery as valuations are reasonable and earnings downgrades have bottomed out,” said Amisha Vora, chairperson and managing director at PL Capital.