At 9:30 am, the BSE Sensex was trading at 50,263.88, up 414.04 points or 0.83 per cent. Nifty50 was up 122.85 points or 0.83 per cent at 14,884.40.
“On the upside, 14,900-15,000 will be the immediate resistance range for Nifty50 and one should look to lighten up trading longs on a pullback towards this range. A move above the recent swing high of 15,178 will only negate the recent short-term corrective structure. On the flipside, 14,630 followed by 14,500 are the immediate supports for the index,” said Sameet Chavan of Angel Broking.
Bajaj Finance rose 2.40 per cent to Rs 5,393 apiece. Tech Mahindra, Mahindra & Mahindra, NTPC and Infosys added 2 per cent each. ONGC was the worst Sensex performer, falling 1.88 per cent to Rs 114.95. A total of 27 out of 30 Sensex stocks were trading in the black.
Asian stocks turned mixed after gaining in early trade. Japan’s Nikkei and Hong Kong’s Hang Sen fell up to 1 per cent, while Korea’s Kospi and Taiwan’s Taipex advanced up to 1.7 per cent.
US lawmakers are pushing to get Joe Biden’s huge stimulus through Congress in the next two weeks, which lifted spirits on trading floors, with Wall Street providing a powerful lead driven by a rally in tech firms. The US Senate will start debating President Joe Biden’s coronavirus relief bill this week, Senate Majority Leader Chuck Schumer said on Monday.
In overnight trade, major indices in the US leapt at the open and remained in positive territory the entire day, led by the tech-heavy Nasdaq Composite index, which jumped 3 per cent to close at 13,588.83 — its best day since November. The Dow Jones Industrial Average climbed 2 per cent to end 31,535.51, while the broad-based S&P500 index gained 2.4 per cent to 3,901.82 — its best session since June.
