Sensex gains 200 pts, Nifty above 24,600 tracking positive global cues
Nifty opened higher on Monday, driven by gains in banking and energy stocks. This positive momentum followed an upswing in Asian markets, which rose after U.S. data eased fears of a recession in the world's largest economy.
The BSE Sensex was trading 191 points, or 0.24%, higher at 80,627, while the Nifty50 was up 65 points, or 0.27%, at 24,605 around 9:20 am.
Asian markets opened higher, with the MSCI Asia ex-Japan rising nearly 1%. Wall Street equities also closed higher overnight, buoyed by easing inflation and strong U.S. retail spending data.
Among Nifty stocks, ONGC, BPCL, NTPC, Shriram Finance, and Hindalco opened higher, while M&M, Nestle India, Tech Mahindra, TCS, and Infosys started with losses.
On the sectoral front, Nifty Media rose 1.8%, and Nifty Oil & Gas surged 1.5%, with Nifty Bank, Financial Services, FMCG, IT, Metal, Pharma, Realty, and Consumer Durables also opening higher.
Among individual shares, smallcap defence stock DCX Systems hit a 5% upper circuit after receiving an order worth Rs 107 crore.
Hindustan Zinc shares fell 5% in early trade after metal major Vedanta announced on Friday that it will exercise the oversubscription option in the ongoing offer for sale of Hindustan Zinc.
Experts View
«The complete dominance of the DII and retail investors over the market is the single major factor driving this bull run even though there are fundamental factors supporting the rally. Investors should keep this in mind,» said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial
