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FINWIRES

Indian Equities Rebound on Monday as Value Buying, US-Iran Talk Hopes Lift Market

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-- Indian benchmark indices closed higher on Monday, snapping a three-day losing streak, as value buying and expectations of renewed U.S.-Iran talks supported the market.

The BSE Sensex rose 639.42 points, or 0.8%, to close at 77,303.63, while the NSE Nifty 50 gained 194.75 points, or also 0.8%, to settle at 24,092.70.

Sentiment improved on expectations that the US and Iran may resume talks soon. Stronger-than-expected quarterly earnings also helped boost investor confidence.

Among stocks, Tamilnad Mercantile Bank (NSE:TMB, BOM:543596) gained 7% after reporting a rise in fiscal Q4 net profit to 3.74 billion rupees from 2.92 billion rupees a year earlier. Earnings per share increased to 23.60, while interest income rose to 15.5 billion rupees.

Sun Pharmaceutical Industries (NSE:SUNPHARMA, BOM:524715) also jumped 7% after agreeing to acquire US-based Organon & Co in an all-cash deal valued at $11.8 billion. The company will purchase shares at $14 each and plans to fund the transaction through cash and bank financing.

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