Indian benchmarks Sensex and Nifty opened sharply higher on Monday, tracking strong cues from global markets. The BSE Sensex jumped over 700 points led by gains in banking and financial stocks, while the Nifty reclaimed the 21,600 mark.
The Sensex was trading at 71,477, up 777 points in early deals. The NSE Nifty 50 index also climbed nearly 250 points to 21,590.
The rally was broad-based with all Nifty sectoral indices trading in the positive territory. Banks, capital goods, power, realty, and metal stocks saw strong buying interest and rose between 1-2 percent each.
Axis Bank, ICICI Bank, Kotak Mahindra Bank, PowerGrid, and Larsen & Toubro were among the top Sensex gainers. On the flip side, Infosys, TCS, ITC, and Tata Steel faced selling pressure.
Broader midcap and smallcap indices also joined the rally, rising over 0.5% each in early trade.
The uptick in domestic equities comes on the back of highly positive trends across global markets. Overnight, Wall Street ended on a mixed note while Asian markets like Nikkei, Kospi, Hang Seng, and Straits Times climbed nearly 1% each this morning.
Rising crude oil prices and foreign fund outflows remain key headwinds for the Indian markets. However, analysts feel the ongoing momentum may be sustained if global cues remain supportive.
