Equity indices erase morning losses, private banks gain

Equity benchmark indices reversed early morning losses and drifted into the green zone around noon on Monday amid positive Asian cues.

Equity benchmark indices reversed early morning losses and drifted into the green zone around noon on Monday amid positive Asian cues. At 12 noon, the BSE S&P Sensex was 180 points or 0.5 per cent higher at 37,161 while the Nifty 50 moved up by 63 points to 11,010. All sectoral indices at the National Stock Exchange (NSE) were in the green except for Nifty IT and auto.

Among stocks, agrochemical major UPL gained by 2.5 per cent to trade at Rs 582.50 per share. Private banks too traded in positive territory with Yes Bank gaining 2 per cent, ICICI Bank by 1.8 per cent and Kotak Mahindra Bank by 1.3 per cent. Engineering major Larsen & Toubro was up by nearly 2 per cent, FMCG major Hindustan Lever by 1.7 per cent, JSW Steel by 1.4 per cent Wipro by 1.3 per cent and HDFC by 1.2 per cent.

However, IT companies like HCL Technologies, Tech Mahindra and Infosys showed losses of nearly 1 per cent. Auto major like Bajaj Auto and Eicher Motors were down by 0.8 per cent each. Meanwhile, Asian stocks moved up amid a cautious mood as investors hoped for stimulus to support growth in the world's major economies.

The MSCI's broadest index of Asia Pacific shares outside Japan added 0.1 per cent. The Shanghai Composite Index was up by 0.6 per cent, South Korea's KOSPI rose by 0.5 per cent and Japan's Nikkei was up by 0.5 per cent. (ANI)

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