ICICI Bank, which reported strong earnings on Saturday, was the top contributor (125 points) to the sensex’s gain, followed by HDFC Bank, Axis Bank, HDFC and SBI. Just seven of the 30 sensex stocks ended in the red on Monday.
“Indices closed bullish at the day’s high, as RIL and ICICI Bank delivered resultsthat exceeded market expectations. The outlook is positive, and a buy-on-dips approach can be used,” said Deven Mehata of Choice Broking.
While markets may still be volatile, bouts of buying are expected, said Shrikant Chouhan of Kotak Securiti-es. The market is expected to remain range bound, said Siddhartha Khemka, head (retail research) at Motilal Oswal Financial Services. Companies making up about 18% of Nifty weightage are set to announce their results this week, Khemka said.
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