scorecardresearchShares trade higher on considerable jump in SBI and consumer stocks after strong earnings

Shares trade higher on considerable jump in SBI and consumer stocks after strong earnings

Updated: 07 Nov 2022, 09:56 AM IST
TL;DR.
The NSE Nifty 50 index rose 0.57% to 18,219.80 as of 0351 GMT, while the S&P BSE Sensex was 0.50% higher at 61,255.21.
Indian stock market indices Sensex and Nifty ended with cuts of more than 3% last week amid an escalation in Ukraine crisis

Indian stock market indices Sensex and Nifty ended with cuts of more than 3% last week amid an escalation in Ukraine crisis

(Reuters) - Indian shares traded higher on Monday, lifted by sharp gains in heavyweight State Bank of India and consumer stocks on robust earnings results.

The NSE Nifty 50 index rose 0.57% to 18,219.80 as of 0351 GMT, while the S&P BSE Sensex was 0.50% higher at 61,255.21.

The benchmark indexes added nearly 2% each last week in their third straight weekly gain.

In early trades on Monday, Nifty's FMCG, automobile, and public sector bank indexes were among the top performers, climbing between 1% and 5.6%.

Britannia Industries Ltd and State Bank of India were the top gainers on the Nifty 50, advancing 8% and 4.6%, respectively, after the companies reported a rise in quarterly profit.

State-run Coal India Ltd and digital payments firm Paytm were up more than 1% each, ahead of their quarterly results.

Further aiding sentiment, provisional data with the National Stock Exchange showed foreign institutional investors bought net of 14.36 billion Indian rupees ($175.20 million) equities on Friday, while domestic investors sold 5.49 billion rupees of shares ($1 = 81.9620 Indian rupees) 

First Published: 07 Nov 2022, 09:52 AM IST