Mumbai: Indian equities wiped out losses on Monday and were at the day's high led by gains in banking stocks. The benchmark Sensex surged over 400 points from the day's low to cross the 37000 mark, while Nifty jumped over 120 points to cross the 11000 mark.
At 12.12 pm, the benchmark Sensex Index rose 0.53% to 37179.15 while Nifty was up 0.61% at 11012.70 points. Earlier, both Sensex and Nifty had opened weak and were down 0.5% each.
YES Bank gained 2.2%, ICICI Bank jumped 1.7%, State Bank of India increased 1.4%, Kotak Mahindra Bank was up 1.3%, and HDFC Bank rose 0.4%.
On Friday, finance minister Nirmala Sitharaman, said the government will unveil further measures to revive economic growth that has slowed to a six-year low.
Investors await consumer price index-based inflation data and industrial production data, due on 12 September. According to Bloomberg analysts estimate, industrial production for July is seen at 2.5% against 2% a month ago. CPI is expected to be 3.35% in August against 3.15% in June.
Market participants exercised caution as crude oil extended gains after Saudi Arabia ousted its long-time energy minister before an OPEC+ committee, which monitors compliance with output cuts, meets this week in Abu Dhabi.
RBL Bank rose 5.5% after ICICI Securities retained its ‘buy’ rating on the shares of the lender, while Kotak Institutional Equities upgraded the stock with a target of ₹500 a share.
Equitas Holdings Ltd fell 7% after RBI turned down a proposal by Equitas Holdings seeking extension of the listing deadline for its subsidiary Equitas Small Finance Bank and ordered freezing of the small finance bank's chief executive’s remuneration at the existing level.
Coffee Day Enterprises Ltd rose 5% following a Mint reported that said the company has put its Sical Logistics unit on the block as it seeks to pare debt.
Seventeen of the 19 sector indices, compiled by BSE Ltd, advanced led by a 1.4% rise in BSE Capital Goods index. Twenty five of 31 Sensex constituents and 41 of 50 Nifty stocks have risen so far.