Stock Market: Sensex Jumps 700 Points, Nifty Trades Above 18,050 On Positive Cues. IT Stocks Lead

Stock update: On the 30-share Sensex platform, barring Titan, all the indices were trading in the green. TechM, TCS, Tata Motors, HCL, M&M, Airtel were leading the pack

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 indices increased up to 1 per cent.

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Sensex and Nifty, the two key equity benchmarks, on Monday were trading in the positive zone during the early morning hours, tracking strong global sentiment.

At 10.15 am, the S&P BSE Sensex was up around 700 points to 60,591, while the broader NSE Nifty was trading at 18,070, up 211 points.

On the 30-share Sensex platform, barring Titan, all the indices were trading in the green. TechM, TCS, Tata Motors, HCL, M&M, Airtel were leading the pack.

Among individual stocks, shares of Tata Consultancy Services (TCS) surged over 2 per cent ahead of the December quarter results (Q3FY23). Read what brokerages expect

Shares of Kalyan Jewellers soared 6 per cent after revenue rose 13 per cent YoY in Q3 business update.

In the broader markets, Nifty MidCap 100 and Nifty SmallCap 100 indices increased up to 1 per cent.

All sectors traded in positive territory, with Nifty IT index gaining the most, up to 2 per cent in trade.

In the previous session on Friday, the BSE Sensex sank 683 points to the day's low of 59,670 before closing 453 points lower at 59,900. On the other hand, the broader NSE Nifty touched a low of 17,796 and eventually pulled back to end 133 points lower at 17,859.

Meanwhile, the rupee appreciated 33 paise to 82.33 against the US dollar in early trade on Monday, supported by a weak American currency and a firm trend in domestic equities.

Forex traders said sustained foreign fund outflows weighed on investor sentiments and restricted the appreciation bias.

At the interbank foreign exchange, the domestic unit opened at 82.41 against the dollar, then gained ground to touch 82.33, registering a rise of 33 paise over its previous close. On Friday, the rupee settled at 82.66 against the US dollar.

Brent crude futures, the global oil benchmark, rose 1.06 per cent to $79.40 per barrel.

Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Friday as they offloaded shares worth Rs 2,902.46 crore, according to exchange data.