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    Opening Bell: Sensex gains over 300 points, Nifty reclaims 11,000; HDFC Bank leads, IT stocks support

    Opening Bell: Sensex gains over 300 points, Nifty reclaims 11,000; HDFC Bank leads, IT stocks support

    Opening Bell: Sensex gains over 300 points, Nifty reclaims 11,000; HDFC Bank leads, IT stocks support
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    By Ankit Gohel   IST (Published)

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    The Indian equity benchmark indices opened higher on Monday led by gains in banking and IT stocks amid mixed global cues.

    The Indian equity benchmark indices opened higher on Monday led by gains in banking and IT stocks amid mixed global cues. Rally in index heavyweights such as HDFC, Infosys, RIL, and ICICI Bank helped Nifty reclaim 11,000 level for the first time since March 6, 2020.
    At 9:15 am, the Sensex opened 1.05 percent or 388.89 points higher at 37,409.03, while the Nifty50 index opened at 10,999.45, up 97.75 points, or 0.90 percent.
    Broader markets, Nifty Smallcap100 and Nifty Midcap100, also gained over 0.70 percent each.
    Among sectoral indices, the Nifty Private Bank index saw most gains, followed by Nifty Financial Services, Nifty IT, and Nifty Metals. Nifty Pharma was the only one to trade under pressure.
    HDFC Bank, HCL Technologies, Infosys, UPL and ICICI Bank led the gains among Nifty50 constituents while Sun Pharmaceuticals, Tata Motors, ZEEL, BPCL and Hindalco were the top index losers.
    The share price of HDFC Bank gained 2.5 percent after the bank’s net profit in Q1FY21 rose 19.6 percent YoY to Rs 6,658.62 crore. NII rose 17.8 percent YoY to Rs 15,665.4 crore while the net interest margin was at 4.3 percent. Asset quality deteriorated marginally as the gross NPA ratio rose to 1.36 percent from 1.26 percent, QoQ. Provision and contingencies increased 48.89 percent YoY and 2.82 percent QoQ to Rs 3,891.52 crore.
    Glenmark Pharmaceuticals fell over 3 percent after the Drug Controller General of India (DCGI) issued notices to the company seeking clarification regarding the false claim that its antiviral drug Fabiflu is effective on COVID-19 patients with co-morbidities.
     
     
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