Sensex hits near three-month high; IT stocks, lenders gain

Reuters Mumbai, Maharashtra, India Apr 30, 2018, 11.38 AM(IST)

File photo. Photograph:( Zee News Network )

Indian shares hit a near three-month high on Monday, in tandem with global markets, as technology shares gained and lenders rose on expectation of strong numbers from Housing Development Finance Corp and Kotak Mahindra Bank later in the day.

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 the 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.

There is some profit-booking in Reliance, plus the market was anticipating much better numbers from Jio, he added.

The broader NSE Nifty was up 0.50 percent at 10,745.75, with State Bank of India and Yes Bank, up 2.6 percent and 2 percent respectively, leading the gains.

The benchmark BSE Sensex was 0.57 percent higher at 35,167.75. Both the indexes hit their highest levels since Feb 2 and were poised to end the month higher after two consecutive months of losses.

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.