Stock Market: Sensex Advances 342 Points, Nifty Trades Above 17,600; Metals, Realty Gain

Stock update: ICICI Bank, Tech Mahindra, ITC, HCL Technologies, Tata Steel, Axis Bank, Reliance Industries, IndusInd Bank, and HDFC Bank were the major gainers in early trade on the Sensex

Sensex and Nifty, the two key equity benchmarks, on Monday started trade in the green amid continued strength in foreign inflows. The domestic indices tracked gains in index majors Reliance Industries, ICICI Bank, and HDFC Bank amid a mixed trend in global markets.

At 10.30 am, the Sensex jumped 342 points to 59,146, while the broader NSE Nifty advanced 95 points to 17,633.

On the 30-share Sensex platform, ICICI Bank, Tech Mahindra, ITC, HCL Technologies, Tata Steel, Axis Bank, Reliance Industries, IndusInd Bank, and HDFC Bank were the major gainers in early trade. In contrast, Nestle, PowerGrid, Mahindra & Mahindra, Dr Reddy's, and Hindustan Unilever were among the laggards in initial trade.

The overall sentiment in the 30-share Sensex pack is positive on Monday as 23 scrips were advancing while rest seven were declining.

The broader markets opened firmly higher. The BSE MidCap and SmallCap indices rose up to 0.7 per cent.

Sectorwise, Nifty metals and realty indices led gains, rising up to 1 per cent. On the other hand, Nifty auto and pharma pockets were the most weak.

In the previous session on Friday, the BSE benchmark inched up 36.74 points or 0.06 per cent to settle at 58,803.33. The Nifty dipped 3.35 points or 0.02 per cent to end at 17,539.45.

In Asia markets, Seoul, Tokyo, and Hong Kong were trading lower on Monday, while Shanghai quoted in the green in mid-session deals. Japan's Nikkei fell 0.3 per cent, while MSCI's broadest index of Asia-Pacific equities outside of Japan dipped 0.1 per cent. The US markets had ended lower on Friday. Equities in Europe had ended on a higher note on Friday.

On the other hand, the international oil benchmark Brent crude jumped 1.9 per cent to $94.79 per barrel.

Foreign institutional investors (FIIs) offloaded shares worth a net Rs 8.79 crore on Friday, as per exchange data. 

Meanwhile, the rupee appreciated 5 paise to 79.82 against the US dollar in early trade on Monday in line with a positive trend in domestic equities.

At the interbank foreign exchange, the rupee opened at 79.84 against the dollar and touched 79.82 in initial deals, registering a gain of 5 paise over the last close. On Friday, the rupee closed at 79.87 against the dollar.