Markets begin on a positive note as Sensex rises nearly 500 points at 60,453; Nifty opens at 17,929

Updated on Oct 31, 2022 10:00 AM IST

Markets begin on a positive note as Sensex rises nearly 500 points at 60,453; Nifty opens at 17,929

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)
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)
By | Posted by Aryan Prakash

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.

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.

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.

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.

SHARE THIS ARTICLE ON
  • ABOUT THE AUTHOR

    Follow the latest breaking news and developments from India and around the world with Hindustan Times' newsdesk. From politics and policies to the economy and the environment, from local issues to national events and global affairs, we've got you covered.

SHARE
Story Saved
OPEN APP
×
Saved Articles
Following
My Reads
My Offers
Sign out
New Delhi 0C
Wednesday, February 08, 2023
Start 15 Days Free Trial Subscribe Now
Register Free and get Exciting Deals