Stock market update: Sensex trading at 62,509, up 215 points; Nifty above 18,560
The 30-share BSE Sensex traded flat in early trade, marginally up by 15.81 points to 62,309.45. The broader NSE Nifty quoted 5 points higher at 18,517.75
Mumbai: Benchmark indices faced a lacklustre trend in early trade on Monday, but later traded higher amid foreign fund inflows and a decline in crude oil prices.
The 30-share BSE Sensex traded flat in early trade, marginally up by 15.81 points to 62,309.45. The broader NSE Nifty quoted 5 points higher at 18,517.75.
Later, both the benchmark indices picked up momentum. At 11:08 ITS, the Sensex was trading 215.38 points, or 0.35 per cent, higher at 62,509.02 and the Nifty quoted 52.65 points up at 18,565.40.
Among the Sensex pack, Reliance Industries, Asian Paints, Wipro, Maruti, Tech Mahindra, Kotak Mahindra Bank, Infosys and Bajaj Finserv were the major winners in early trade.
More from BusinessHDFC, Tata Steel, HDFC Bank and IndusInd Bank were among the laggards.
Elsewhere in Asia, markets in Seoul, Tokyo, Shanghai and Hong Kong were trading lower.
Wall Street had ended mostly lower on Friday.
"There are two positives which can impart resilience to the ongoing rally in the market: One, the steady decline in crude which has taken Brent crude to below USD 82. Two, the steady FPI buying (Rs 31,630 crore so far in November) particularly in fundamentally strong segments like financials, IT, autos and capital goods," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
These positives notwithstanding markets are likely to be in wait-and-watch mode for the US Fed chief's speech on Wednesday, he added.
The Sensex had climbed 20.96 points or 0.03 per cent to settle at 62,293.64, its fresh record closing high, on Friday. The Nifty went up by 28.65 points or 0.15 per cent to end at 18,512.75, its all-time high.
International oil benchmark Brent crude was trading 2.58 per cent lower at USD 81.47 per barrel.
Foreign Institutional Investors (FIIs) bought shares worth Rs 369.08 crore on Friday, as per exchange data.
Read all the Latest News, Trending News, Cricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.
India remains among fastest-growing major economies despite global uncertainty, says RBI Bulletin
Iran war could cut global growth by more than half: World Bank’s chief economist Indermit Gill
Brent crude climbs to $94 as analysts expect oil prices to stay in $90–100 range
UK inflation cools further to 2.6% in June as transport and food prices ease
India's gem and jewellery exports jump 26.5% in June on stronger global demand