The Indian equites started the financial year, 2019-20, on a robust note, with BSE Sensex crossing over 39,000 level and NSE Nifty breaching 11,700 mark, led by buying in index heavyweights such as Tata Motors, Bank of Baroda, L&T. Hopes of BJP-led NDA government returning to power and expectations of a further rate cut ahead of the election by the Reserve Bank of India (RBI) also injected lifted the market sentiment. Retreating from the day's high, the Sensex closed 164 points lower at 38,837, its second-highest closing ever, and the Nifty closed 45 points higher at 11,669.
Here's a list of the top gainers on BSE
Tata Motors: Tata Motors was the top gainer on both Sensex and Nifty, surging nearly 9 per cent in intra-day trade after the company's UK-based subsidiary Jaguar Land Rover (JLR) said it expects improved financial results during March quarter (Q4FY19). Reacting to the news, shares of the auto major gained as much as 8.80 per cent to touch an intra-day high of Rs 189.65 apiece on the Bombay Stock Exchange. Stocks of the auto major settled at Rs 187, up 7.29 per cent, against previous close level of Rs 174.30.
Bank of Baroda: Shares of Bank of Baroda (BoB) surged over 6 per cent in intra-day trade on Monday after the public sector lender amalgamated with Vijaya Bank and Dena Bank with effect from today. The stock touched an intra-day high of Rs 137.15, up 6.48 per cent, on Bombay Stock Exchange. Paring most of early gains, Bank of Baroda shares closed trade at Rs 132.25 apiece, up 2.68 per cent.
Larsen & Toubro: Shares of Larsen & Toubro (L&T) rose as much as 3 per cent in intra-day on Monday after the engineering and construction major said it bagged a large order from Kuwait Oil Company (KOC). Cheering the news, shares of the large-cap company gained as much as 2.02 per cent to close 1,411.95 on the Bombay Stock Exchange.
"The new export gas strategic pipeline and its associated facilities will run a span of approximately 145 km. The new strategic gas export pipeline contract has been awarded through international competitive bidding on a Lump Sum Turn Key (LSTK) basis," L&T said in the exchange filing.
JK Lakshmi Cement: Shares of JK Lakshmi Cement ended 4.43 per cent higher at Rs 363.05 on the Bombay Stock Exchange amid reports of price hike which is likely to improve profit margin of the cement companies going forward. Share of the company surged as much as 7.57 per cent to touch an intra-day high of Rs 374 in early deals today.
"The price increases and cost easing is too recent to have a meaningful impact on FY2019 profit levels or margins. However, these trends are likely to benefit cement industry in FY2020. However, the sustainability of the recent price hike will be crucial given the supply side pressures in the cement industry," said Sabyasachi Majumdar, Senior Vice President & Group Head - Corporate Sector Ratings, ICRA.
Punjab National Bank: Public sector lender Punjab National Bank (PNB) gained upto 5 per cent to Rs 99.90 apiece on the BSE, in line with BSE Bankex index, amid optimism over rise in margin. Shares of PNB closed 2.25 per cent higher at Rs 97.55, paring some of early gains. Last month, rating agency ICRA upgraded the outlook on all the long-term ratings and the medium-term rating to 'Stable' from 'Negative'.
Edited by Chitranjan Kumar