Asian stocks set a fresh two-year high on Monday, boosted by stronger-than-expected economic growth in China and bets that lacklustre United States data will keep the Federal Reserve cautious about the pace of further policy tightening.
Positive trading in most Asian markets and China's robust economic growth in June quarter boosted market sentiment.
Shares of the company gained 3.12 per cent to settle at Rs 267.60 on BSE. Meanwhile, the broad based NSE Nifty climbed by 29.60 or 0.30% at 9,915.95 with 34 components registering rise.
The Sensex was up around 100 points, hitting a fresh high of 32,128.Nifty also rose to new high of 9,920.Among IT stocks, Infosys, Tech Mahindra and Wipro rose 1-2 per cent. Gains in banking stocks such as Kotak Mahindra Bank (+1%) and ICICI Bank (1%) also supported the upmove. Shares of Flexituff International (down 20 per cent) capped gains.
Market heavyweight Reliance Industries crossed the Rs 5 lakh crore market capitalization for the first time ever before closing about 1 percent higher. BSE FMCG plunged 166 points to 10,645.86 as FMCG majors such as Venky's and ITC reported loses up to 7 per cent.
Ahead of Wipro's board meeting this week on stock buyback and quarterly results, its shares rose by over 3% on Monday, adding Rs3,949 crore to the firm's market valuation.
Fortis Healthcare plummeted 8.4 percent and Religare Enterprises shed 3.6 percent after India Ratings and Research downgraded RHC Holding's NCDs to default. He said that the company would go public only after regulatory issues are sorted out.