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Indian stocks gain upward momentum key indices end over 1 5 per cent higher

Article By: ,  Financial Analyst
June 22, 2015 5:36 PM

Indian stocks moved up sharply Monday, ending in positive territory for the seventh session in successon. The BSE Sensex surged higher by 1.52 per cent to 27,730.21, while the NSE Nifty gained 1.56 per cent to end the day at 8,353.10.

Investors warmed in the first half of the session to news of a likely solution to the Greek debt crisis following the submission of a new ‘definitive’ plan by Greek Prime Minister Alexis Tsipras. Global factors, therefore, played a major role in setting up the initial rally that set the tone for the rest of the day.

Weather plays a role

Domestic factors took centre-stage later in the session, when Skymet, a private weather forecasting firm, noted that India’s monsoon had started off well despite being delayed. The firm said it expects rainfall in India to be normal during July and August and overall, to be 107 per cent of the long term average, according to CNBC-TV18.

A good monsoon has been a key factor in India’s economic growth, as it affects the output of food crops and other agricultural commodities, which in turn play a role in defining inflation within the country. Lower inflation raises hopes that the Reserve Bank of India would follow through with more interest rate cuts, a key reason for the strong show today by banks. In the Nifty Index constituents, six out of the top ten gainers were banks.

The major Nifty sector gainers were auto ancillaries (+3.02 per cent), housing finance (+2.81 per cent), private sector banks (2.52 per cent), public sector banks (+2.44 per cent) and steel – large (+1.87 per cent). Refineries (-0.22 per cent) and telecommunications (-1.65 per cent) were the only two losing sectors. 

The five top gaining indices were CNX Realty (+5.16 per cent), S&P BSE Realty (+4.80 per cent), India VIX (+2.58 per cent), S&P BSE Bankex (+2.55 per cent) and CNX PSU Bank (+2.50 per cent). 

On the National Stock Exchange, advancing stocks (1014) far outnumbered declining (415) stocks. Indiabulls Real Estate Ltd (NSE:IBREALEST) shot up a whopping 31.19 per cent to INR 55.10 on news that the promoters will infuse fresh capital into the company.

Tata Power Company Limited (NSE:TATAPOWER) (+3.04 per cent, INR 74.40), Bosch Ltd (NSE:BOSCHLTD) (+3.51 per cent, INR 21,850.00),  Infosys Ltd (NSE:INFY) (+2.75 per cent, INR 1022.70),  Housing Development Finance Corp Ltd (NSE:HDFC) (+2.68 per cent, INR 1270.00), and Hindustan Unilever Ltd (NSE:HINDUNILVR) (+1.90 per cent, INR 874.00) were the big Nifty gainers from sectors other than banks.

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