Indian Shares Extend Gains For Fourth Day

(RTTNews) - Indian shares rose notably on Monday, with benchmark indexes Sensex and Nifty extending gains for a fourth consecutive session, as crude prices continued to fall in international markets following OPEC+'s decision to raise output.

Underlying sentiment was also underpinned by eased concerns over near-term Federal Reserve rate hikes, optimism for promising corporate earnings' season, and strong provisional June quarter business growth updates reported by banks.

The benchmark BSE Sensex surged 521.16 points, or 0.67 percent, to 78,285.07, while the NSE Nifty index settled 159.50 points, or 0.66 percent, higher at 24,430.35.

The BSE mid-cap and small-cap indexes ended up half a percent and 0.4 percent, respectively.

The market breadth was slightly weak on the BSE, with 2,281 shares falling while 2,058 shares advanced and 205 shares closed unchanged.

Among the prominent gainers, ICICI Bank, Reliance Industries, BEL, Mahindra & Mahindra and HDFC Bank rose 1-3 percent.

Kotak Mahindra Bank tumbled nearly 4 percent after the private sector lender reported slower sequential growth in loans and deposits for the quarter ended June 30.

IT stocks were subdued, with TCS falling 1.7 percent on fears that IT companies may report another subdued quarter due to AI-driven pricing pressure and weak client spending.