Mumbai: Equity Benchmark Sensex Leading indices ICICI Bank, HDFC Twins and Axis Bank on Monday rose over 350 points in early trade, tracking a positive trend in global markets.
The 30-share index rose 375.30 points, or 0.64 per cent, to 59,161.97 in early trade. Similarly, the Nifty rose 94.75 points or 0.54 per cent to 17,606.05.
PowerGrid was the top gainer in the Sensex pack, rising over 3 per cent, followed by Axis Bank, NTPC, Tata Steel, UltraTech Cement, Sun Pharma and Titan.
On the other hand, Bajaj Finance And Nestle India was among the backward.
In the previous session, the 30-share equity benchmark was down 20.46 points or 0.03 per cent at 58,786.67 and the Nifty slipped 5.55 points or 0.03 per cent to end at 17,511.30.
Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 1,092.40 crore on Friday, according to exchange data.
“Despite a 39-year high CPI inflation print of 6.8 per cent in November, US markets edged up and 10-year bond yields stabilized. This expected macro data did not impact the market.
“However, messages from the meetings of US Fed, ECB, the Bank of England and the Bank of Japan, will give clues this week about expected interest rates, bond yields and the medium-term trajectory of the markets. VK VijayakumarChief Investment Strategist at Geojit Financial Services.
He said the sharp rise in cases of omicrons in the UK is a matter of concern.
In India, relentless selling by FPIs (Rs 33,799 crore in November and Rs 17,644 crore as of December 10) has been the major headwind for the market, especially for banking stocks. He said that the continuous selling of FPIs is not having any significant effect on the market.
“High earnings visibility of financial, IT and construction related stocks is encouraging DII and retail buying in these sectors,” he added.
Elsewhere in Asia, shares in Shanghai, Tokyo, Seoul and Hong Kong were trading with significant gains in mid-session deals.
Meanwhile, international oil benchmark Brent crude rose 1.16 per cent to $76.02 per barrel.
The 30-share index rose 375.30 points, or 0.64 per cent, to 59,161.97 in early trade. Similarly, the Nifty rose 94.75 points or 0.54 per cent to 17,606.05.
PowerGrid was the top gainer in the Sensex pack, rising over 3 per cent, followed by Axis Bank, NTPC, Tata Steel, UltraTech Cement, Sun Pharma and Titan.
On the other hand, Bajaj Finance And Nestle India was among the backward.
In the previous session, the 30-share equity benchmark was down 20.46 points or 0.03 per cent at 58,786.67 and the Nifty slipped 5.55 points or 0.03 per cent to end at 17,511.30.
Foreign institutional investors (FIIs) remained net sellers in the capital market as they sold shares worth Rs 1,092.40 crore on Friday, according to exchange data.
“Despite a 39-year high CPI inflation print of 6.8 per cent in November, US markets edged up and 10-year bond yields stabilized. This expected macro data did not impact the market.
“However, messages from the meetings of US Fed, ECB, the Bank of England and the Bank of Japan, will give clues this week about expected interest rates, bond yields and the medium-term trajectory of the markets. VK VijayakumarChief Investment Strategist at Geojit Financial Services.
He said the sharp rise in cases of omicrons in the UK is a matter of concern.
In India, relentless selling by FPIs (Rs 33,799 crore in November and Rs 17,644 crore as of December 10) has been the major headwind for the market, especially for banking stocks. He said that the continuous selling of FPIs is not having any significant effect on the market.
“High earnings visibility of financial, IT and construction related stocks is encouraging DII and retail buying in these sectors,” he added.
Elsewhere in Asia, shares in Shanghai, Tokyo, Seoul and Hong Kong were trading with significant gains in mid-session deals.
Meanwhile, international oil benchmark Brent crude rose 1.16 per cent to $76.02 per barrel.
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