Sensex, Nifty rise after financials rebound from Friday’s slide

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Major indices in India advanced more than 1 percent on Monday, supported by recovering financial data, strong earnings and improving sentiment after strong economic data from the United States.

the Nifty 50 Whereas, it closed up 1.08 percent at 18,264 S&P BSE Sensex It rose by 1.16 percent to 6,164.25 points. Both benchmarks posted their best one-day gains in more than a month.

Eleven out of the 13 major sectoral indices advanced, with the heavier weighted financial indices rising by 1.5 percent. Nifty Bank and Nifty Private Bank also gained nearly 1.5 percent each.

The financial index recovered from a decline of 2.34 percent on Friday, its worst day in more than three months, affected by Housing Development Finance Corporation And HDFC Bank Concerns about outflows of foreign funds from the merged entity.

on monday, IndusInd Bank Nifty stock rose by almost 5 percent and was among the top 50 gainers in Nifty. Shares of the private lender fell more than 5 percent on Friday after its chief risk officer resigned. Global brokerage Jefferies said the exit should not guarantee such a price correction and affirmed the “buy” rating.

Global indices improved after US jobs data for April brightened the economic outlook, temporarily alleviating concerns about the health of the economy and leading to gains in Wall Street stocks. Asian markets rose slightly.

“Strong US data helped ease recession fears temporarily,” said Prashant Tapsi, senior vice president of research at Mehta Equities. Analysts expect Nifty 50 to consolidate in the near term with resistance seen near 18,200 levels.

among individual stocks, Mariko Jumped more than 7.5 percent after the publication of a 20 percent jump in profits for the March quarter.

One 97 Communication Ltd, PaytmHer father, rose by 5 per cent after reporting Narrower loss in the fourth quarter.

On the other side, India coal It lost 2 percent and was among the 50 biggest losers on Nifty after a 17 percent drop in quarterly earnings On higher provisions for higher wages.