At 9.17 am, the BSE Sensex was trading 600 points or 1.01% higher at 60,565. Nifty50 was trading at 17,958, up 172 points or 0.97%.
“Technically the market is poised to continue the ongoing rally aided by support from the mother market US where the Dow’s 828-point rally last Friday recorded fourth straight week of gains,” V K Vijayakumar, Chief Investment Strategist at
“The driving force behind the ongoing rally is the strength of the US economy which is indicating a lower probability of an immediate US recession and, more importantly, indications that inflation is plateauing and might show a declining trend soon. This might enable the FED to slightly moderate their hawkish stance. Already central banks of Canada and Australia have hiked rates below expectations. If this trend spreads, that will favour continuation of the rally in the short-term,” he added.
Among Sensex stocks, Dr Reddy’s Labs,
, , , and were the top gainers, rising about 1.5-2.5%. , , , M&M, and also opened higher.
Sectorally, Nifty IT surged 1.71% and Nifty Pharma rose 1.64%. While Nifty Auto and Nifty Financial Services also opened higher. In the broader market, Nifty Midcap50 rose 0.71% and Smallcap50 increased 0.05%.
On Friday US Market’s Dow Jones Industrial Average advanced 2.59%, S&P 500 rose 2.46% and Nasdaq Composite surged 2.87%. Whereas, In early trade in Asian markets, Japan’s Nikkei 225 rose 1.71% and South Korea’s Kospi surged 0.99% while China’s Shanghai Composite fell 0.03%.
The Indian rupee rose 13 paise to 82.34 against US dollar in early trade on Monday. Meanwhile, the dollar index, which tracks the movement of the greenback against a basket of six major world currencies, rose 0.04% to 110.80 level.