Sensex rises the most since May 2016 due to Q2 results

Mumbai: The BSE Senbad indexed its best single-day gain in nearly two-and-a-half years on Monday as positive earnings announcements boosted by a handful of stocks, aided by firm European markets The benchmark 30-share index rose 2.15%, or 718.09 points, to close at 34,067.40 points, its biggest single-day earnings since 25 May 2016. The National Stock Exchange's (NSE's) 50-share Nifty climbed 2.2% to close at 10,250.85 points.

ICICI Bank shares surged nearly 11% on Monday, contributing the most to the Senbad and pulling up other bank stocks.

However, Lok Sabha elections are expected to remain volatile ahead of upcoming state elections. currency movement will a lso be closely watched.

"The market was very light with many investors sitting on cash after trimming positions earlier. "Ajay Bodke, chief executive and chief portfolio manager at brokerage Prabhudas Lilladher Pvt. Ltd.

"Crude is somewhat settled, and rupee has recovered from lows. The government's monthly goods and services tax (GST) collections are expected to cross ₹ 100,000 crore (₹ 1 trillion). He says: "According to Bodke, if he can manage the momentum, it can test 10,500 points.

However, volatility may continue ahead of 4 November, the "Currently, there are stable prices," added Bodke.

Foreign institutional investors (FIIs) continued to be net sellers, offloading a net of ₹ 2,230.79 crore of Indian shares on Monday, while domestic institutional investors (DIIs) continued buying, buying a net of ₹ 2,526.90 crore, provisional data from National Stock Exchange showed.

Private lender ICICI Bank jumped 10.84% ​​- the most in a year -on improvement in badet quality and contributed the most to the earnings for Senbad.

"Barring the tepid profitability, it was a quarter full of positive for ICICI Bank as growth in growth and NIMs (net interest margins) sustained. Robust fee growth, "HDFC Securities 'badysts said in a note.

" The pullback in badet quality and uptrend in coverage was inspiring, "HDFC Securities' note added . ICICI Bank's results, with State Bank of India and Axis Bank Ltd. gaining 8.04% and 4.96%, respectively.

"With ICICI Bank earnings, there is optimism that all corporate banks can see improvement in badet quality. , "Said Bodke.

Reliance Industries Ltd. followed with a 4.14% gain.

Drug maker Dr. Reddy's Laboratories Ltd. rose 5.44% after it posted a 70% jump in second-quarter profit on Friday, aided by new product launches

Among sectoral indexes, BSE Healthcare index and BSE Realty index gained the most, rising 4.21% and 3.77%, respectively.

Market breadth was positive with gainers beating losers in the ratio of 2.3: 1 on the BSE.