Indian shares gain as banks rebound
- 25 Jan 2021
Gulf Today Report
Indian shares rose on Monday as banking sectors recorded gains that overshadowed the decline in Reliance Industries.
The blue-chip NSE Nifty 50 index rose 0.12% to 14,388.75 while the benchmark S&P BSE Sensex gained 0.05% to 48,902.52.
Samrat Dasgupta, chief executive officer at Esquire Capital Investment said "today is a day of volatility after the correction on Friday ... It remains a buy on dip market."
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Reliance Industries fell by 4.7%, its largest intraday percentage loss in over a month. It led the drag of the blue-chip Nifty 50.
"The stock (Reliance Industries) had run up quite a bit and this correction was warranted for some time," Dasgupta said of Reliance, which gained about 5.8% last week in the run-up to its results.
Bank stocks led the gains, with shares of HDFC Bank rising 2.2% to become the biggest boost to Nifty, while Kotak Mahindra Bank gained 1.3% ahead of its quarterly earnings to be released later in the day.