Money market remained shut today on account of the annual closing of accounts.
Key benchmark indices Sensex and Nifty witnessed a gap-up start to Monday's session tracking gains in Asian peers. Fresh hopes of progress in Sino-US trade talks kept the global markets firm which had a spillover effect on Indian equities.
Asian stocks rose on Monday, as signs of progress in US-China trade talks and firmer Wall Street shares supported sentiment. Australian stocks climbed 0.85 %, South Korea’s KOSPI 1.1 % and Japan’s Nikkei 1.6 %, Reuters reported.
Money market remained shut today on account of annual closing of accounts.
At around 9:30 am, the BSE benchmark Sensex was up 264.72 points, or 0.68 % at 38,937.63. The index was trading some 50 points shy of its all-time high of 38989.65.
While its NSE equivalent Nifty surged 73.30 points or 0.63 % to 11,697.20.
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"The across sector participation supported by improving market breadth and above average trading volumes signifies inherent strength of the market, which makes us believe the Nifty would challenge lifetime high (11760) in coming weeks," ICICIDirect said in a note.
In the Sensex pack, 26 stocks traded in the green while only four were in the red. Yes, Bank came ahead as the biggest gainer, up 4.46 %, even amid reports that Sebi is probing the lender for potential violations of disclosure norms, including insider-trading rules.
Amongst other gainers were -- Tata Motors, Tata Steel, M&M, ICICI BankNSE -0.01 % and Bharti Airtel. ONGC, meanwhile, was leading the loser pack among Sensex stocks, falling 1.72 %. Among other losers were -- Coal Indians 0.47 %, NTPC, and Kotak Mahindra Bank NSE -0.47 %.
ICICI Bank was the biggest contributor and ONGC was the worst drag.
On NSE Nifty, 39 stocks advanced while 11 declined.
On the BSE sectoral front, certain sectors played catch up. Energy, oil & gas and power were the only ones in the red zone. Amongst top sectoral gainers were BSE basic Material, industry and IT, rallying 2.1 %, 1.17 % and 1.11 % respectively.
Furthermore, BSE Midcap and BSE smallcap extended their 5-day rally, rising 0.70 % and 0.88 %, respectively.
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