The Indian equity benchmark indices recovered from opening lows and jumped over half a percent higher Monday led by buying in media and PSU Bank stocks.
Among the 50 stocks on Nifty, Titan, IOC, UltraCement, Bajaj Finserv, Tech Mahindra led the gains, as each scrip rose over 3 to 4 percent. Leading the losses were IndusInd Bank, Divi’s Lab, Mahindra & Mahindra, SBI, and Maruti.
A rebound in gold pushed Titan, Muthoot Finance, and Manapurram Finance higher. The oil market companies also posted healthy gains following the cut in excise duty by the government on petrol and diesel.
Indices like Nifty Media and Realty closed 1.5 percent higher and Nifty IT, Metal, Financial Services, closed over 1 percent higher. Nifty FMCG also gained 1 percent. However, Nifty Private Bank, Nifty Bank, and Nifty Pharma closed the day in the red.
Globally, record-high world stocks slowed their charge as risk assets found support from an upbeat US October payrolls report, but they face another test later in the week from reading on US inflation.
The congressional passage of a long-delayed US $1 trillion infrastructure bill also cheered investors, though a broader social safety net plan remains elusive.
Data out over the weekend also showed China’s exports beat forecasts in October to deliver a record trade surplus, although a miss on imports added to evidence of a slowing in domestic demand.
Moves were modest with the pan-European STOXX 600 benchmark was little changed in early trading. The MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 percent.
Nasdaq futures were off 0.2 percent, after 10 straight sessions of gains which left the index looking overextended. S&P 500 futures dipped less than 0.1 percent.
No less than six Fed officials are speaking on Monday, with the most attention likely on Vice Chair Richard Clarida who is talking on Fed and ECB policy.
Oil prices firmed after the passage of the US infrastructure bill supported the outlook for energy demand. Also, Saudi Arabia’s state-owned producer Aramco raised the official selling price for its crude. Brent rose 1 percent to $83.95 a barrel, and the US crude gained over 1.5 percent to $82.03.
With inputs from Reuters
(Edited by : Yashi Gupta)