Indian shares climbed in early trades on Monday, after rising for two consecutive weeks, boosted by IT and automobile stocks and tracking gains in Asian equities and a fall in oil prices.
A man looks at a screen across a road displaying the Sensex on the facade of the Bombay Stock Exchange (BSE) building in Mumbai. (REUTERS)
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The NSE Nifty 50 index rose 0.97% to 17,959.30 as of 9:30 AM GMT, and the S&P BSE Sensex was 0.99% higher at 60,555.83.
For the month as of last close, the indexes have added more than 4% each on the back of corporate earnings reports and hopes of a less-hawkish stance from major central banks.
Oil prices fell on Monday on concerns that widening COVID-19 curbs in China will curtail demand, while India, the world's third-biggest importer of oil, benefits from a slide in prices as it brings down imported inflation. [O/R]
Investors this week will be looking for outcomes of policy meetings of the U.S. Federal Reserve and the Bank of England.
A meeting of the Reserve Bank of India's Monetary Policy Committee is also expected.
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Scheduled for Nov. 3, the meeting would potentially discuss the Committee's response to the government on its failure to stick to its inflation target for three quarters in a row.
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Scheduled for Nov. 3, the meeting would potentially discuss the Committee's response to the government on its failure to stick to its inflation target for three quarters in a row.
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In domestic trading, Nifty's IT, automobile, and pharma indexes were among the top performers, adding more than 1% each.
Tech Mahindra, Maruti Suzuki India, and Eicher Motors were among the top gainers on the Nifty 50 index, rising over 2% each.
Asian stock markets climbed cautiously on Monday on hopes that the Federal Reserve might sound less aggressive about rate hikes this week.
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Home/Business/Markets begin on a positive note as Sensex rises nearly 500 points at 60,453
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