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Nifty above 10,500 mark; Tata Steel, ONGC stocks jump

Benchmark indices opened higher on Monday ahead of inflation data. Today gains are seen in HDFC Bank, RIL, Tata Steel and L&T.

Domestic indices started the session on a positive note on Monday, with shares of Tata Steel leading the charge.

At 9:56 AM, the BSE Sensex was trading at 34,132, up 125 points, while the Nifty50 index was trading at 10,500, up 45 points.

Shares of State Bank of India, which fell over 2.5%, were the worst hit on the Nifty50 after the bank reported a standalone net loss of Rs2,416.4cr for the quarter against a profit of Rs2,610cr reported in the corresponding quarter last year. There was GNPA divergence and NNPA divergence of Rs23,239cr and Rs17,518cr, respectively during the quarter. The provision divergence came at Rs5,721cr.

Shares of Tata Steel, Mahindra & Mahindra and Oil and Natural Gas Corp rose 2-5% as investors cheered their Oct-Dec earnings.

Shares of metal, pharmaceutical and automobile companies were among the top gainers in early session, while those of banks were the weakest.

On the economy front, CPI and IIP data are due to be released on Monday.

Volatility index India VIX slipped 3.04% to 18.6450.

Tata Steel (+3.6%), ONGC (+2.8%), Axis Bank (+1.4%), Aurobindo (+1.3%) and L&T (+1.2%) were the top gainers on Nifty50.

SBI (-2.6%), BPCL (-1.5%), HCL Tech (-1.2%), HPCL (-0.80%) and Vedanta (-0.35%) were the top losers in today’s trade.

Out of 2,019 stocks traded on the NSE, 1,386 advanced, 241 declined and 392 remained unchanged today.

A total of 23 stocks registered a fresh 52-week high in trade today, while seven stocks touched a new 52-week low on the NSE.