Stock Market: Sensex Rises 430 Points, Nifty Trades Above 16,150 Amid Firm Global Cues; IT, Metals Lead

Stock Update: TechM was the lead gainer, up 4.59 per cent. Infosys, L&T, Dr Reddy's, Sun Pharma IndusInd Bank, HUL, Tata Steel, and ICICI Bank were the other gainers on the Sensex, rising 1-3 per cent

The BSE MidCap and SmallCap indices were up to 0.8 per cent higher.

Sensex and Nifty, the two key equity benchmarks, on Monday opened higher with strong gains, taking positive cues from Asian and global markets.

At 10.15 am, the BSE Sensex was up 430 points to 54,190, while the broader NSE Nifty was trading at 16,180, up 131 points.

On the 30-share BSE platform, TechM was the lead gainer, up 4.59 per cent. Infosys, L&T, Dr Reddy's, Sun Pharma IndusInd Bank, HUL, Tata Steel, and ICICI Bank were the other gainers on the Sensex, rising 1-3 per cent. Hindalco, JSW Steel, UPL and ONGC were the additional gainers on Nifty.  

On the flipside, HDFC Bank was the prime loser, down 1.04 per cent. The others were HDFC, M&M, Dr Reddy, HUL, and Reliance.

The broader markets also opened in the green. The BSE MidCap and SmallCap indices were up to 0.8 per cent higher.

On NSE, all the 15 sector gauges were trading in the green. Sub-indexes Nifty IT and Nifty Metal were outperforming the NSE platform by rising as much as 1.75 per cent and 1.43 per cent, respectively. PSBs, realty, and pharma indices were the next top winners.

The overall market breadth was positive as 1,123 shares were advancing, while 355 were declining on the BSE.

During the last session on Friday, the BSE Sensex climbed 344 points (0.65 per cent) to settle at 53,760 and the Nifty advanced 110 points (0.69 per cent) to 16,049.

In Asian markets, Seoul, Shanghai, and Hong Kong were trading significantly higher. The US markets had ended sharply higher on Friday.

Meanwhile, the rupee appreciated 6 paise to 79.76 against the US dollar in early trade on Monday as a positive trend in domestic equities supported the local unit.

However, a strong American currency overseas and forex outflows restricted the rupee’s gain, dealers said.

At the interbank foreign exchange, the rupee opened at 79.76 against the American dollar, registering a gain of 6 paise over the last close.

Global oil benchmark Brent crude futures rose 0.71 per cent to $101.88 per barrel.

Foreign institutional investors remained net sellers in the capital market on Friday, offloading shares worth Rs 1,649.36 crore, as per exchange data.