The Indian equity markets on Monday showed some resilience after a drastic fall of Friday. Benchmark indices were trading slightly higher in the noon session bolstered by the gains in auto, PSU banks, metal, and media stocks. At 12.40 pm, S&P BSE Sensex was trading at 40,560.50, 115.35 points or 0.29 percent higher over the previous day's closing price.
NSE’s Nifty50 index too was trading 34.05 points or 0.29 percent higher at 11,955.55. YES Bank, Adani Ports, Maruti Suzuki, and Tata Steel were the top gainers on the NSE, while TCS, HCLTech, Hindustan Uniliver, CIPLA, Nestle India were the drags.
Among the Nifty sectoral indices, auto index was the top performer, rising over 1.3 percent. Media, metal, PSU banks and pharma indices were trading in green. However, FMCG and IT stocks, which have a large bearing on the market movements, were moving in negative direction.
Prakash Pandey, managing director and CEO at Plutus Advisors said: "The market today showed some resilience as there was a sharp correction on Friday, positive Karnataka by-election results, and some positive cues from the global markets. The market will continue to remain volatile until some irritants in the markets are solved.”
The ruling Bharatiya Janata Party has won 12 constituencies in the Karnataka bypolls.
In the broader market, BSE Mid-Cap index increased 0.64 points, while Small-Cap remained flat.
Vodafone Idea's share was trading 6.6 percent lower due to uncertainties over its ability to pay up its huge dues. Dish TV's shares jump about 11 percent after CARE revised its bank facilities rating.
On Friday, Sensex had shed over 300 points following global cues.