New Delhi: Sensex and Nifty – key Indian equity benchmarks – edged higher on Monday led by gains across sectors as banking, automobile, oil and gas, and consumer stocks were the biggest movers.
Sensex moved 415 points and Nifty above the crucial psychological level of 17,600 amid positive cues from other Asian markets. Asian stocks also edged up, with investors confident that the market could quickly end the prospect of a US policy stimulus whatever it may be from hosting central bank meetings this week.
As of 10.15 am, the Sensex was up 310 points at 59,068, while the Nifty was up 89 points at 17,597. Among the broader markets, midcap and smallcap indices were up 0.6 per cent and 1 per cent, respectively, on the BSE.
Power Grid was the top gainer in the BSE Sensex, up 3 per cent, followed by Axis Bank, Tech Mahindra and Maruti Suzuki. Bajaj Finance was in the red with Bajaj Finserv, Nestle India and Reliance Industries down 1.72 per cent.
The Federal Reserve is widely expected to signal a sharp reduction in asset purchases this week, and thus has already begun raising rates. It will also update the dot plots for the rates over the next few years.
MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.8 percent after jumping 1.7 percent last week.
Japan’s Nikkei rose 1.0 percent, as a survey of major manufacturers found sentiment was at its best since late 2018.
Chinese shares added 1.4 per cent from last week’s jump of 3.1 per cent amid hopes of more stimulus following Beijing’s recent easing of bank reserve requirements.
Meanwhile, the IPO of MedPlus Health Services opened for subscription and shares of Tega Industries got listed on BSE and NSE at 10 am.
Shares of Tega Industries made a great start in the stock markets amid the rally in the market. Shares of the industrial machinery firm started trading at Rs 753 per share or Rs 300 or 66.23 per cent above the IPO price of Rs 453 per share.
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