Global cues lift Sensex 277 points ahead of Q1 FY19 earnings

Mumbai, Jul 9: Equity benchmarks began the week on a strong note on Monday, gaining over 0.70 percent on positive global cues and ahead of June quarter earnings. Banks and metals stocks, and Reliance Industries, L&T and Infosys drove the market higher.
In the broader markets, midcaps had a good day of trade as they outperformed frontliners. The Nifty Midcap index surged 291 points. There was a last hour surge seen in these stocks that led to this upmove on D-Street.
Meanwhile, banks too gained, led by gains in names such as Karnataka Bank, which was up over 7 percent in the trade.
The Sensex ended higher by 276.86 points or 0.78 percent at 35,934.72, while the Nifty was up 80.20 points or 0.74 percent at 10,852.90. The market breadth was positive as 1,723 shares advanced, against a decline of 892 shares, while 163 shares are unchanged.
Yes Bank, Asian Paints, and Vedanta were the top gainers, while TCS, Airtel, and UltraTech Cement lost the most.
Private sector lender IndusInd Bank and software services exporter TCS will begin June quarter earnings season on Tuesday.
Stocks in news
Dilip Buildcon was locked in the upper circuit after global brokerage house CIMB upgraded the stock to Add from Hold rating.
Shares of Bharat Forge rallied 3 percent after Deutsche Bank maintained its Buy call on the stock with a target price at Rs 830, implying 31 percent potential upside.
AU Small Finance Bank’s shares fell 6 percent after pre-IPO lock-in period ended for investors on July 7.
Kirloskar Pneumatic Company’s shares ended 4 percent higher as investors bet on a likely stock split by the firm.
Share price of Sterlite Technologies rose 9 percent as company announced acquisition of specialized optical cable manufacturer based in Italy.
Shares of Jaiprakash Associates added 5 percent on the back of contract win worth Rs 2,850 crore.
Global update
European shares opened higher as investors observed developments on trade and reacted to development that UK’s chief Brexit negotiator has resigned from his post. France’s CAC, Germany’s DAX and Britain’s FTSE were up 0.3-0.6 percent at the time of writing this article.
Asian markets closed higher following positive handover from Wall Street. Investors also continued to keep an eye on trade after the US and China exchanged tariffs last week. China’s Shanghai Composite jumped 2.5 percent while Japan’s Nikkei and Hong Kong’s Hang Seng rallied over a percent.