The Indian equity markets tracked positive global cues on Monday, with the broader Nifty trading above 11,850. Trade sentiment improved ahead of the Union Budget on Friday, as the US and China agreed to resume trade negotiations on Saturday.
The development came after a meeting between President Donald Trump and his Chinese counterpart Xi Jinping on the sidelines of the G20 summit in Japan’s Osaka.
The BSE Sensex and NSE Nifty50 started almost 0.5 percent higher on Monday, with the 30-share Sensex surging 188 points, or 0.48 percent, to 39,582.50 in the initial tick.
HDFC twins, ICICI Bank, Infosys, Axis Bank and ITC were the major contributors to Sensex gains, while SBI and Maruti dragged indexes. The broader 50-share Nifty was 53 points, or 0.45 percent up, at 11,842.
Broader market indices were mostly positive with the Nifty MidCap gaining 0.30 percent.
As many as 24 sectors advanced led by BSE Metal, capital goods, power and infra counters, while BSE Consumer Durable was flat in the red.
Among Nifty gainers, NTPC, Tata Steel, Dr Reddy's, IndusInd Bank and Indiabulls Housing Finance surged between 1 and 2 percent.
Public sector downstream companies were under pressure with IOC and BPCl among the worst in the Nifty pack of losers. Titan, UltraTech Cement and Gail also slipped by up to a percent.
IndusInd Bank shares surged as Nomura maintained a 'buy' rating at a target price of Rs 1,775.
Kalpataru Power Transmission shares gained over 2 percent as the company received orders worth Rs 975 crore.
Meanwhile, the Indian rupee opened higher by 12 paise at 68.90 per dollar on Monday against Friday's close of 69.02 against the greenback.
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