Stock Market: Sensex Up 600 Points, Nifty Trades Above 17,750. IT And Metal Stocks Lead

Stock update: On the 30-share Sensex platform, barring Nestle, the remaining 29 scrips were trading in the green with HCL leading the group

In the broader markets, Nifty Midcap 100 and Nifty Smallcap 100 indices surged up to 1 per cent.

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The two key equity benchmarks, Sensex and Nifty, on Monday extended gains in intra-day trade, supported by gains across index-heavyweights such as HDFC twins, Asian Paints, Tata Consultancy Services, among others.

 At 10.am, the S&P BSE Sensex climbed 596 points to 60,405. On the other hand, the NSE Nifty was trading at 17,774, up 180 points.

On the 30-share Sensex platform, barring Nestle, the remaining 29 scrips were trading in the green with HCL leading the group.

Shares of Bajaj Electricals surged over 3 per cent out after the company bagged Rs 565 crore worth of order from South Bihar Power Distribution Company. Besides, shares of Kansai Nerolac Paints gained over 1 per cent after the company acquired 40 percent stake in Nerofix from Polygel.

In the broader markets, Nifty Midcap 100 and Nifty Smallcap 100 indices surged up to 1 per cent.

Volatility index, India VIX, meanwhile, eased up to 2 per cent.

All sectors were trading in the sea of green, with Nifty IT and Nifty Metal indices gaining the most, up to 1 per cent each.

In the previous session on Friday, the Sensex surged to a high of 59,967, and ended with a gain of 900 points at 59,809, while the NSE Nifty 50 touched a high of 17,645, before signing-off at 17,594, up 272 points. The Nifty was up 128 points for the week.

Most of the Asian markets, including Hong Kong and Japan, rose on Monday. European and the US markets had closed with strong gains on Friday, boosted by easing concerns over inflation.

In a pre-open market note, Deepak Jasani, Head of Retail Research at HDFC securities, said Indian markets could open higher, in line with mostly higher Asian markets today and higher US markets on Friday. "Asian markets opened higher on Monday after the US stocks ended last week on a positive note, driven by speculation that the US Federal Reserve won't raise interest rates beyond peak levels, as it is already priced in," he said.

Foreign Portfolio Investors (FPIs) were net buyers, with investments worth Rs 246.24 crore on Friday, according to data with the BSE.

Brent crude futures, the global oil benchmark, declined 0.70 per cent to $85.23 per barrel.

The rupee gained 24 paise to 81.73 against the US dollar in early trade on Monday amid a positive trend in domestic equities. Forex traders said foreign fund inflows also supported the local unit.

At the interbank foreign exchange, the domestic unit opened at 81.85 against the dollar, then climbed to 81.73, registering a rise of 24 paise over its previous close. On Friday, the rupee closed at 81.97 against the US currency. The forex traders said the rupee is likely to trade with a positive bias on improved global risk sentiments and fresh foreign fund inflows.