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A strong performance by Republicans would likely allay investor concerns about higher fiscal spending exacerbating inflation and raise the chances of the party freezing spending via the debt ceiling, analysts at Morgan Stanley wrote this week. That could support a rally in 10-year Treasury bonds and help stocks extend their recent gains, they said.

“Capex as a theme is in vogue and among investors, there is definitely a liking for some of the companies where the overall performance has proved to be good and where the management is guiding for a better growth ahead. From that perspective, Cummins could be one stock to look at.”

The Nifty Bank index was trading 0.31 per cent up at 41815.3.

In the spot market, the highest purity gold was sold at Rs 50,958 per 10 grams while silver was priced at Rs 60,245 per kg on Monday, according to Indian Bullion and Jewellers Association.

The global investment bank estimates that a 20% probability is being built at the current stock price. “Our FY24-25 EPS is 11-17% below consensus. The stock trades at FY24 EV/EBITDA of 17x,” the note added.

Among Sensex stocks, Dr Reddy’s Labs, Nestle, HCL Tech, IndusInd Bank, Infosys, Kotak Bank, L&T and ITC were the top gainers, rising about 0.5-1.5%. Sun Pharma, Wipro, UltraTech Cement, Axis Bank, Asian Paints and Tata Steel also opened higher.

Birla Corporation Ltd., incorporated in the year 1919, is a Mid Cap company (having a market cap of Rs 7746.74 Crore) operating in Cement sector.

The issue is entirely an offer for sale (OFS) by the promoters and existing shareholders of the company, aggregating to Rs 1,960 crore. The South-India-based shadow lender has trimmed its issue size from Rs 2,752 crore earlier.

Ujjivan Small Finance Bank Ltd. key Products/Revenue Segments include Interest & Discount on Advances & Bills, Income From Investment and Interest On Balances with RBI and Other Inter-Bank Funds for the year ending 31-Mar-2022.

Due to bumper results, the stock jumped and recorded a new lifetime high of Rs 4,190. A substantial rise in volume and an increase in future open interest signals that major market participants are in favour of the bulls.