Sensex Climbs 200 Points At Open, Nifty Above 17,200 Levels

New Delhi: Indian stock market opened on a positive note on Monday as the BSE Sensex surged 193 points to 57,764 and the Nifty rose 65 pts to 17,223 in early trade. Rupee strengthened 13 paise to 79.11 against the US dollar in early trade on Monday. M&M remained the top Nifty performer with the company surging 5.91 per cent to Rs1,229.80. Cipla, Maruti, Tata Motors, and PowerGrid were also among other gainers. On the 30-share BSE index, M&M, Maruti, PowerGrid, Reliance Industries, UltraTech Cement, Bajaj Finance, Wipro, Tata Steel, Dr Reddy’s, Asian Paints, Bharti Airtel, and HCL Technologies were among the top gainers.

Shares of the country’s biggest insurer Life Insurance Corporation of India (LIC) was up 0.37 per cent to trade at Rs680.35. While Sun Pharma, IndusInd Bank, Hindustan Unilever, Axis Bank, Titan, and TCS were laggards.

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On Friday, Sensex had surged 712 points or 1.25 per cent to close at 57,570, while Nifty had moved 229 points or 1.35 per cent higher to settle at 17,158.

Meanwhile, Asian markets opened mixed on Monday and oil fell as investors track data hinting at the further weakness in China’s economy and comments from Federal Reserve officials reiterating its stance on interest rate hikes to fight inflation.

In early Asian trade, investors tried hard to extend Wall Street’s lead, with Hong Kong and Shanghai suffering most after another disappointing data on the Chinese economy, reported PTI.

The most watched Purchasing Managers’ Index of manufacturing activity shrank in July because of weak demand and the strict zero-Covid measures imposed in parts of the country. The sluggishness in the Hong Kong market is partly because US authorities had put market heavyweight Alibaba on a list of firms threatened with New York delisting if they did not comply with disclosure rules. There were also losses in Taipei and Manila.

Oil prices cooled down as the market closely watched this week’s meeting of OPEC+ produced an increase in supply, even if only minor.  US crude was down $1.15 to $97.47 per barrel, while Brent lost 91 cents to $103.06.