The S&P BSE Sensex index rose as much as 314.84 points to 50,855.32 in the first few minutes of trade and the broader NSE Nifty 50 benchmark climbed to as high as 15,251.90, up 76.6 points from its previous close.
SBI was the top Nifty50 gainer, up 2.57 per cent in early deals. Power Grid, Indian Oil, Hero MotoCorp, Cipla and Divi’s Labs were among other top performers.
On the other hand, JSW Steel was the top laggard, down 2.65 per cent. Shree Cement, Hindalco, Tata Steel, Titan and HUL were among other losers.
Analysts awaited more Q4 earnings from India Inc for cues. Among other companies, India Cements and Ramco Cements are slated to release their financial results for the March quarter later in the day.
Optimism on the recent drop in Covid cases are likely to keep the losses on Dalal Street in check, say analysts.
Equities in other Asian markets got off to a cautious start as investors anxiously awaited a key read on US inflation this week for guidance on monetary policy. MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.19 per cent. Japan’s Nikkei jumped 0.47 per cent and Hong Kong’s Hang Seng rose 0.22 per cent.
On Wall Street last Friday, stocks ended mostly lower after a wobbly session with mixed results. The S&P500 index gave up an early gains and ended 0.1 per cent lower. The Dow Jones industrial average rose 0.36 per cent and the tech stocks-heavy Nasdaq Composite barometer dropped 0.48 per cent.
In the oil market, crude prices rose as a storm formed in the Gulf of Mexico and Iran said a three-month nuclear monitoring deal had expired, raising doubts about the future of indirect talks that could end US sanctions on Iranian crude exports. Benchmark Brent crude futures rose 0.5 per cent to $66.76 a barrel.
THIS IS A DEVELOPING STORY. MORE TO COME…
