SENSEX, NIFTY50 snap three-day losing streak on strong global cues; Infosys, Reliance Industries top movers

The Indian equity benchmarks snapped their three-day losing streak on Monday, November 10, on the back of strong global cues as investor sentiment turned positive after reports suggested that historic United States government shutdown could end soon.

The S&P BSE SENSEX rose as much as 538 points and NIFTY50 index touched an intraday high of 25,653 led by gains in index heavyweights Infosys, Reliance Industries, Bharti Airtel, Larsen & Toubro, ICICI Bank and Tata Consultancy Services.

The SENSEX ended 319 points higher at 83,535 and NIFTY50 index advanced 82 points to close at 25,574.

In Europe, Euro Stoxx 50 rose 1.74%, French CAC40 index 1.4%, Germany's DAX climbed 1.9% and England's FTSE100 index 1.02%.

In Asia, Japan's Nikkei rose 1.33%, China's Shanghai Composite advanced 0.53% and South Korea's KOSPI gained 3%.

Back home, buying was visible across board as 11 of fifteen sector gauges compiled by the National Stock Exchange (NSE) ended higher led by NIFTY Information Technology index's 1.62% gain. NIFTY Pharma, Metal, Consumer Durables, Auto and Financial Services indices also rose between 0.2-0.95%.

On the other hand, NIFTY Media, PSU Bank, Realty and FMCG indices ended lower.

Broader markets outperformed their larger peers as NIFTY Midcap 100 index advanced 0.47% and NIFTY Smallcap 100 index advanced 0.35%.

Infosys was top gainer in the NIFTY50 index, the stock rose 2.59% to close at ₹1,515 mirroring gains in other IT shares on reports of an end to US government shutdown.

Bajaj Finance, HCL Technologies, Coal India, Asian Paints, Wipro, Grasim Industries, Tata Motors Passenger Vehicles, TCS and Bharti Airtel were also among the gainers.

On the flipside, Trent was top loser in the NIFTY50 index, the stock fell 7.42% to close at ₹4,284 after it reported net profit of ₹373 crore in the second quarter of the current financial year, marking an increase of 11% from ₹335 crore in the same period last year.

Trent's revenue from operations, in the July-September period, advanced 16% to ₹4,818 crore from ₹4,157 crore a year earlier.

Trent, which operates Zudio and Westlife stores, reported EBITDA of ₹817 crore, up 27% from ₹646 crore in the year-ago period.

Max Healthcare, Tata Consumer Products, Apollo Hospitals, Eternal, Ultratech Cement, Hindalco and Mahindra & Mahindra were also among the losers in the NIFTY50 index.

The overall market breadth was negative as 2,372 shares ended lower while 1,963 closed higher.