MUMBAI: Equity benchmark Sensex jumped over 350 points in early trade on Monday, tracking gains in index heavyweights Reliance Industries, HDFC Twins and ICICI Bank.
After gaining 59,156.62 in the opening session, the 30-share Sensex was trading 340.95 points or 0.58 per cent higher at 59,106.53. Similarly, the Nifty rose 98.40 points or 0.56 per cent to 17,630.45.
Bharti Airtel was the top gainer in the Sensex pack, rising nearly 2 per cent, followed by Dr Reddy’s, SBI, Bajaj Finserv, Sun Pharma and HDFC.
On the other hand, Tata Steel, Nestle India, HUL, Titan and PowerGrid were among the gainers.
In the previous session, the 30-share index was down 360.78 points or 0.61 per cent at 58,765.58 and the Nifty was down 86.10 points or 0.49 per cent at 17,532.05.
Foreign institutional investors (FIIs) were net buyers in the capital market as they bought shares worth Rs 131.39 crore on Friday, according to exchange data.
According to VK Vijayakumar, chief investment strategist at Geojit Financial Services, the dollar index is sliding at 94.05 and the US 10-year yield is sliding below 1.5 per cent, interpreting it as a sign of return of risk-on in equity markets. could.
However, the news coming from China can be pulling. China is trying to limit damage to its real estate sector without excluding Evergrande, he said, adding that an inevitable result would be a slowdown of the Chinese economy that would have implications for commodity prices and the currencies of commodity exporters.
“Back home, India’s exports are booming and are set to touch the USD 400 billion mark in FY12,” he said.
Elsewhere in Asia, shares in Hong Kong and Tokyo were trading with heavy losses, while Shanghai and Seoul were closed for the holidays.
Meanwhile, international oil benchmark Brent crude fell 0.30 per cent to $79.04 a barrel.