The two key equity benchmarks, Sensex and Nifty, on Monday edged higher in early trade tracking robust global sentiment. At 10 am, the BSE Sensex rallied 336 points to 62,883. On the other hand, the NSE Nifty50 was trading at 18,620, up 87 points. On the 30-share Sensex platform, Axis Bank, M&M, Sun Pharma, ICICI Bank, Power Grid, Maruti, UltraCemco, L&T were among the early gainers.
On the flipside, TechM, Asian Paints, HUL, Titan, IndusInd Bank, Nestle emerged losers. Among individual stocks, shares of Tata Motors gained 1 per cent to hit over six-year high of Rs 542.2 after Tata group signed an outline deal with the Gujarat government to build a lithium-ion cell factory.
In the broader markets, Nifty Midcap and Nifty Smallcap indices gained 0.5 per cent.
Sectorwise, the Nifty Media index gained the most, over 1 per cent, led by 2 per cent gains in PVR-Inox. While power, auto, bank, and capital goods were up 0.5 per cent each. On the down side, Nifty Healthcare index slipped marginally in red.
In the previous session on Friday, the S&P BSE Sensex, which swung in a range of 340-odd points, ended with a gain of 119 points at 62,547. On the other hand, the NSE Nifty 50 gained 46 points at 18,534.
In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading in the green. The US markets ended significantly higher on Friday.
US President Joe Biden signed legislation on Saturday that lifts the nation's debt ceiling, averting an unprecedented default on the federal government's debt. "US stocks jumped on Friday, with the Dow Jones Industrial Average closing up 701 points, after the May jobs report showed the labour market is in surprisingly strong shape despite the Federal Reserve’s aggressive tightening of monetary policy in the past year and as investors cheered the Senate passing the debt-ceiling bill," said Deepak Jasani, Head of Retail Research, HDFC securities.
Global oil benchmark Brent crude jumped 1.17 per cent to $77.02 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 658.88 crore on Friday, according to exchange data.
Meanwhile, the rupee depreciated 14 paise to 82.53 against the US dollar in early trade on Monday, weighed down by strength of the American currency in the overseas market and rising crude oil prices. At the interbank foreign exchange, the domestic unit opened at 82.47, then fell to 82.53, registering a decline of 14 paise over its last close.
On Friday, the rupee had settled at 82.39 against the dollar. Forex traders said the Indian rupee opened weak on the rise in oil prices and dollar index. The dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.09 per cent to 104.10.