By Bharath Rajeswaran
(Reuters) -Indian shares held firm on Monday, supported by easing global trade tensions, steady foreign inflows, and a drop in crude prices that lifted investor sentiment.
The Nifty 50 was up 0.59% at 24,487.14 and the BSE Sensex gained 0.54% to 80,936.4 as of 10:03 a.m. IST.
The benchmarks logged their longest weekly winning streak so far in 2025 on Friday, helped by renewed optimism over a potential India-U.S. trade deal.
Nine of the 13 major sectors logged gains.
“Markets are extending the relief rally on expectations of a ramp-down of U.S. tariffs and sustained foreign inflows,” said Shrikant Chouhan, head of equity research at Kotak Securities.
Foreign portfolio investors (FPI) scooped up Indian shares for the 12th consecutive session on Friday, their longest daily buying streak in two years.
However, the gains have been capped by somewhat muted March quarter earnings season so far and geopolitical concerns, two analysts said.
IT companies, which earn a significant share of their revenue from the U.S., rose 1%.
The oil and gas index rose 1.2% and led sectoral gains, boosted by lower oil prices due to an OPEC+ supply hike.
Oil marketing companies such as BPCL and Indian Oil rose about 3.4% each, while HPCL climbed 4.7%.
Lower oil prices will help reduce India’s import bill and tame inflation. [O/R]
The broader small- and mid-caps gained about 0.4% and 1%, respectively.
Private lender Kotak Mahindra Bank lost 5.5% after posting a larger-than-expected drop in quarterly profit as provisions for bad loans surged.
State Bank of India lost 2% after reporting a nearly 10% drop in net profit in the March quarter.
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sumana Nandy and Sonia Cheema)
