Indian stocks rose marginally higher on Monday, helped by gains in heavyweight financials including the State Bank of India and a further decline in daily coronavirus infections.
The blue-chip NSE Nifty 50 index <.nsei> closed 0.15% higher at 15,197.70 while the benchmark index S&P BSE Sensex <.bsesn> rose by 0.22% to 50,651.90. Both indices gained more than 3% last week.
The Nifty PSU Bank Index <.niftypsu>, which cites state banks, rose 2.13%, marking its fourth consecutive profit session.
The private lender HDFC Bank
SBI, the country’s top lender, reported record earnings per quarter on Friday and said it saw no concerns about the quality of its assets.
Health ministry data showed that daily cases of the novel coronavirus remained below the 300,000 mark for the eighth straight day. However, the death toll exceeded 300,000.
A steady decline in new COVID-19 cases and hopes the lockdowns will be lifted sooner than expected helped the market expand its profits, said Vinod Nair, head of research at Geojit Financial Services.
“Positive quarterly results and alleviating asset quality issues helped drive bank stocks to buy, while mid- and small-cap stocks outperformed,” he said.
Panacea Biotech Ltd
Among the losers, JSW Steel Ltd closed
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