New Delhi: Sensex and Nifty — the key Indian equity benchmarks — on Monday edged higher led by gains across sectors, as banking, automobile, oil and gas, and consumer stocks were the biggest movers.
The Sensex rose as much as 415 points and Nifty moved above its important psychological level of 17,600 amid positive cues from other Asian markets. Asian stocks also pushed ahead, with investors seemingly confident markets can weather whatever comes from a host of central bank meetings this week, including the likely early end to US policy stimulus.
As of 10.15 am, the Sensex rose 310 points to 59,068, while the Nifty was 89 points up at 17,597 points. In the broader markets, the midcap and smallcap indices on the BSE were up 0.6 per cent and 1 per cent, respectively.
Power Grid was the top BSE Sensex gainer up 3 per cent, followed by Axis Bank, Tech Mahindra, and Maruti Suzuki. Bajaj Finance was in the red, down 1.72 per cent, accompanied by Bajaj Finserv, Nestle India, and Reliance Industries.
The Federal Reserve is widely expected to signal a faster tapering of asset buying this week, and thus an earlier start to rate hikes. It will also update the dot plots for rates over the next couple of years.
MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.8 per cent, after bouncing 1.7 per cent last week.
Japan’s Nikkei rose 1.0 per cent, as a survey of large manufacturers found sentiment was the best since late 2018.
Chinese stocks added 1.4 per cent to last week’s 3.1 per cent jump amid hopes for more stimulus after Beijing’s recent loosening of bank reserve requirements.
Meanwhile, MedPlus Health Services’ IPO opened for subscription and Tega Industries shares got listed on the BSE and the NSE, at 10 am.
Tega Industries shares made a stellar debut on the bourses amid bullish market breadth. Shares of the industrial machinery firm began trading at Rs 753 per share or Rs 300 or 66.23 per cent above the IPO price of Rs 453 per share.
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