Sensex, Nifty open in green as banks, IT stocks rally
At 9:18am, Sensex was trading 397 points higher at 32,039, while the Nifty rose 96 pints at 9,348. The gains here were led by banks, IT stocks and index heavyweight RIL.Updated: May 11, 2020 09:31 IST
Indian markets opened higher on Monday taking a cue from global markets amid hopes of global economies reopening and easing of lockdowns.
The S&P BSE Sensex opened 387.64 points higher at 32,030.34 and the broader NSE Nifty 50 benchmark at 9,348.15, up 96.65 points from its previous close.
The S&P BSE Sensex and NSE Nifty 50 indexes had ended higher on Friday. The Sensex ended 0.63% or 199 points higher at 31,643 and the Nifty rose 0.57% or 52 points higher at 9,251.50.
At 9:18am, Sensex was trading 397 points higher at 32,039, while the Nifty rose 96 pints at 9,348. The gains here were led by banks, IT stocks and index heavyweight RIL.
Broader markets were also in the green as Nifty Midcap was up 1% and Nifty Smallcap up 1.5% at the opening.
Finance minister Nirmala Sitharaman will hold a meeting with top executives of state-run banks on Monday to review a raft of issues, including credit flow to key sectors like MSMEs and NBFCs, rate transmission to borrowers and progress under the targeted long-term repo operations (TLTRO).
The Centre is likely to roll out its next relief package to offset the deepening economic crisis during the coronavirus pandemic and the ensuing triple-phased lockdown.
Elsewhere in Asia, equities jumped with MSCI’s broadest index of Asia Pacific shares outside Japan last seen trading 0.93% higher in early trade.
Japan’s Nikkei 225 benchmark was up 1.42% while China’s Shanghai Composite and Hong Kong’s Hang Seng indices were also up 0.34% and 1.89% respectively. On Monday, the S&P 500 E-Mini futures were last up 0.44%.
Major US stock indexes jumped on Friday and logged solid gains for the week after data on historic job losses due to the coronavirus crisis showed they were slightly fewer than feared. The Dow Jones Industrial Average rose 1.91%, S&P 500 gained 1.69% and Nasdaq Composite added 1.58%.
Oil prices opened about 1% lower as a persistent glut weighed on prices and the coronavirus pandemic eroded global oil demand, even as some governments began to ease lockdowns.
Brent crude futures lost 54 cents to $30.43 a barrel, while US crude fell 53 cents to $24.21.