 "Sensex reclaims 26,000 to end near four-month high")
Markets recouped early losses to end near day's high, amid a rebound in European stocks, with stock specific action seen post the fourth quarter earnings. Further, recovery in global crude oil prices also aided sentiment.
The S&P BSE Sensex ended up 328 points at 26,007 and the Nifty50 ended up 108 points at 7,963. In the broader market, the BSE Midcap and Smallcap indices ended up 0.7%-0.8%. Market breadth ended firm with 1567 gainers and 998 losers on the BSE.
"Global markets are on a rebound with an upswing in oil prices creating a filip in the Indian equity markets as well. Further, better-than-expected earnings from Maruti Suzuki aided sentiment and recovery was seen across sectors," said Mayuresh Joshi, Fund Manager, Angel Broking.
Global crude oil prices were trading nearly 1% higher with Brent crude heading towards $45 a barrel while NYMEX crude was inching closer to $43 a barrel.
Foreign funds were net buyers in equities worth Rs 222 crore, as per provisional stock exchange data.
Banks shares ended higher after some of them posted robust earnigns for the fourth quarter. HDFC Bank, IndusInd Bank, Yes Bank, Kotak Mahindra Bank, SBI and ICICI Bank ended up 0.6%-3.8% each. Axis Bank ended up 2.8% ahead of its fourth quarter earnings later today.
Hindalco emerged as the top Sensex gainer to end over 5% after the company said that Metals X Ltd conditionally intends to increase its offer for Hindalco's subsidiary Aditya Birla Minerals Ltd to one MXL share for every 4.5 shares of ABML plus an additional 8 cents per ABY share in cash. ABML is listed on the Australian Stock Exchange.
Maruti Suzuki gained nearly 4%. Maruti Suzuki reported a 23% jump in net profit for the year ended March 31, 2016 on the back of record sales volume and benign raw material costs. Net profit for FY16 stood at a record Rs 4,571 crore, up 23.2% from FY15. Net sales grew 15.9% to Rs 56,350 crore, the company said. The profit for the fourth quarter ended March 31, however, decreased 12% to Rs 1,134 crore due to production loss of 10,000 units during the quarter.
ITC rebounded from early lows to end over 2%. Earlier, the stock witnessed pressure amid reports stating that the government is working on a proposal to completely ban foreign direct investment (FDI) in the tobacco sector. However, Godfrey Philips slumped over 15%.
Sun Pharmaceuticals gained 0.6% after the company on Monday said it has entered into a public private partnership (PPP) with the Union and Madhya Pradesh governments for a campaign to ensure a malaria-free India.
Bharti Airtel ended with marginal gains. The company has written to the Telecom Regulatory Authority of India (Trai) for permission to offer exclusive video content over its Closed Electronic Communication Network (CECN).
Among other Sensex gainers, IT majors Infosys and TCS ended up 1%-1.5% each.
Among others, ABB has dipped 4% after the company said its order inflows during the March quarter (Q1) are 1% lower at Rs 1,830 crore than the year ago. The company received orders worth of Rs 1,856 crore in the first quarter of 2015.
Bharat Forge gained 7% after the company said that it has been awarded a contract from Boeing for supply of 777X titanium forging.
