Stocks in Mumbai edged higher Monday amid hopes that recent inflation data and falling gold and crude prices would ease pressure on the central bank’s monetary policy and lead to lower interest rates.
At close, the S&P BSE Sensex gained 0.8% while the NSE Nifty climbed 0.9%.
In sector gainers, banks, capital goods, metals and telecom logged the highest gains, rising over 2% each.
Information technology stocks, led by Wipro, which tanked 8% after posting disappointing earnings, traded lower.
In news-driven movers, gold loan firms Muthoot Finance and Manappuram Finance jumped 7.2% and 5% after gold prices bounced back in trade today after a relentless fall last week and as an industry body claimed the recent dip in prices of the yellow metal is unlikely to impact their businesses or lead to non-performing assets.
