India's benchmark equity indices closed at record highs on Monday led by gains in information technology and realty stocks, and on positive cues from other Asian markets.
Sensex gained 0.62% or 259.97 points to close at 41859.69, while Nifty rose 0.59% or 72.75 points to close at 12329.55.
All sectoral indices closed in the green. BSE Realty was the biggest gainer, up 2.12%, followed by BSE IT index with 1.85% gains and BSE Telecom index with 1.75% gains.
Sentiment also got a boost as India’s industrial production recovered from three months of contraction to expand 1.8% in November, signalling an early but weak improvement in the economy. The recovery, which comes against the backdrop of near-flat output growth seen in the same month a year ago, was driven by a 2.7% expansion in manufacturing output, official data from the Central Statistics Office showed on Friday.
Manufacturing output had been shrinking for the past three months with a 2.1% contraction in October. It had seen a 0.7% contraction last November.
Infosys Ltd gained 4.76% to close at ₹773.40 after the company said its audit committee found no evidence of financial impropriety or executive misconduct. The company also raised its FY20 revenue guidance. The revised guidance is 10.0%-10.5% in constant currency against 9-10% estimated earlier. It maintained FY20 operating margin guidance range of 21%-23%.
Hindustan Construction Company (HCC) jumped 9.78% to ₹11.34 after its lenders initiated a debt/asset carve-out plan of about ₹2,100 crore to a third-party-controlled SPV in a bid to significantly deleverage the firm and stablize its asset-liability mismatch.
Yes Bank fell 6.03% to close at ₹42.10 after its audit committee chairman Uttam Prakash Agarwal resigned as independent director. Agarwal’s resignation comes at a time when the private sector lender is desperately scouting for capital to stay compliant with the central bank’s norms.
Tata Elxsi jumped 5.17% to close at ₹891.20 after the company announced robust Q3 2019 result. On a standalone basis, Tata Elxsi reported a 51.43% jump in net profit to ₹75.42 crore as against ₹49.80 crore reported in Q2. Revenue from operations rose 9.75% to ₹423.43 crore on a QoQ basis.
Avenue Supermarts rose 1.56% to close at ₹1,905.95 after the company reported a 53.3% year-on-year rise in standalone profit at ₹394 crore compared with ₹257 crore posted in the same quarter last year.
Asian indices closed higher. Hong Kong's Hang Seng index rose 1.11% and China's Shanghai Composite index gained 0.75%.