Firmness prevailed on the bourses in afternoon trade on sustained buying demand in index pivotals. At 13:16 IST, the barometer index, the S&P BSE Sensex, was up 305.42 points or 0.77% at 39,740.14. The Nifty 50 index was up 97.05 points or 0.82% at 11,941.15
Among secondary barometers, the BSE Mid-Cap index was up 0.95%. The BSE Small-Cap index was up 1.5%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On BSE, 1,695 shares rose and 749 shares fell. A total of 144 shares were unchanged.
Tata Steel (up 4.96%), Yes Bank (up 3.72%), L&T (up 3.03%), HDFC (up 2.6%) and M&M (up 2.43%) edged higher from the Sensex pack.
IndusInd Bank (down 1.14%), Asian Paints (down 1.11%), Bharti Airtel (down 1.09%), Reliance Industries (down 0.74%) and Bajaj Auto (down 0.68%) edged lower from the Sensex pack.
NTPC gained 3.1% after net profit rose 48.7% to Rs 4350.32 crore on 8.1% fall in net sales to Rs 21222.39 crore in Q4 March 2019 over Q4 March 2018. The result was announced on Saturday, 25 May 2019.
NTPC's board of directors recommended final dividend of Rs 2.50 per equity share for the financial year ended 31 March 2019 (FY 2019). The final dividend is in addition to the interim dividend of Rs 3.58 per equity share for FY 2019 paid in February 2019.
Page Industries lost 11.47% after net profit fell 20.4% to Rs 74.98 crore on 0.1% rise in total income to Rs 616.56 crore in Q4 March 2019 over Q4 March 2018. The result was announced after market hours on Friday, 24 May 2019.
Sunder Ashok Genomal, Managing Director, Page Industries said that the company witnessed steady sales growth in both volume and value despite challenging macro and micro market conditions. The company's Q4 March 2019 net profit declined due to one-time gain from sales schemes reversals and GST transaction credits and the higher sales schemes incurred in Q4 March 2018.
On the political front, the President's Secretariat stated in a press communique that the President will administer the Oath of Office and Secrecy to the Prime Minister and other members of Union Council of Ministers on 30 May 2019 at 07:00 p.m. at Rashtrapati Bhavan.
Overseas, European shares were trading higher in early trade as an EU Parliament election showed Europhile parties still performing reasonably well despite a rise in support for nationalists. Markets in the U.K. are closed on Monday due to a public holiday.
European investors will largely be focused on results of the EU parliamentary elections. Initial results suggested a strong showing for Liberal and Green parties, while euroskeptic groups in Britain and France holding the gains they saw in 2014.
Asian shares were mixed Monday as investors watched for developments from US President Donald Trump's state visit to Japan as well as results from the European parliamentary election.
US stocks rose on Friday, but sentiment remained fragile as investors worried the US-China trade war is hurting economic growth. US durable goods orders dropped 2.1% last month amid a slowdown in exports and a buildup in inventories.
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