Stocks Recover From Last Week's Fall, ICICI Bank Top Gainer
BSE S&P Sensex was up by 504 points or 1.32 per cent to 38,802 while the Nifty 50 edged higher by 147 points at 11,349.
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Equity benchmark indices reversed last week's losses during early hours on Monday as investors got some respite as GDP numbers were slightly ahead of estimates with green shoots on the manufacturing side seeing better traction.
The economy expanded by 4.7 per cent in the October to December quarter, a marginal increase from 4.5 per cent in the previous quarter but in line with expectations. At 10:15 am, the BSE S&P Sensex was up by 504 points or 1.32 per cent to 38,802 while the Nifty 50 edged higher by 147 points at 11,349.
All sectoral indices at the National Stock Exchange were in the green with Nifty realty and metal gaining by 1.9 per cent each, pharma by 1.7 per cent, IT by 1.3 per cent and FMCG by 1.1 per cent.
Among stocks, ICICI Bank added gains of 3.8 per cent at Rs 516.15 per share. Metal major Vedanta and JSW Steel were up by 2.6 per cent each while FMCG major Nestle India ticked up by 2.3 per cent.
Eicher Motors, Hero MotoCorp, HCL Technologies and UPL gained by over 2.3 per cent each.
Meanwhile, Asian shares steadied as investors placed their hopes on a coordinated global monetary policy response to contain the damaging economic impact of coronavirus epidemic.
Reports said pandemic fears wiped more than 5 trillion dollars from global share value last week.
Chinese shares opened higher with the blue-chip index up by 1.5 per cent. MSCI's broadest index of Asia Pacific shares outside Japan advanced by 0.4 per cent while Japan's Nikkei too climbed up 0.4 per cent.