Sensex rallies over 350 pts amidst positive global and domestic cues

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Mumbai: The benchmark BSE Sensex rallied over 350 points and the NSE Nifty reclaimed the 11,900 level in early trade Monday driven by gains in IT and banking stocks amid positive global and domestic cues.

After hitting a peak of 39,979.48, the 30-share index was trading 272.07 points, or 0.69 per cent, higher at 39,887.97. Similarly, the broader NSE Nifty spurted 76.25 points, or 0.64 per cent, to 11,946.90.

In the previous session on Friday, the Sensex settled 86.18 points, or 0.22 per cent, higher at 39,615.90. Similarly, the broader NSE Nifty rose 26.90 points, or 0.23 per cent, to 11,870.65.

Top Sensex gainers in early session on Monday include PowerGrid, Tata Steel, TCS, Yes Bank, L&T, Infosys and IndusInd Bank, rising up to 2 per cent.

While, Kotak Bank, M&M, HDFC, ONGC, Sun Pharma and Coal India fell up to 1 per cent.

Investors took positive cues from other Asian markets which were trading positive amid easing global trade war concerns after the United States dropped its threat to impose tariffs on Mexico.

Bourses in China, Japan and Korea were trading up to 2 per cent higher in their respective early sessions.

According to experts, the expectations of a normal monsoon and strong revival in earnings growth in FY20/FY21 driven by turnaround in corporate banks and healthy growth in construction/infra companies would provide support to markets at higher levels.

On the currency front, the rupee appreciated marginally to 69.43 against the US dollar.

Brent crude futures, the global oil benchmark, were trading 0.52 per cent higher at 63.62 per barrel.

Meanwhile, foreign institutional investors sold equity worth Rs 478.84 crore on Friday, while domestic institutional investors purchased shares to the tune of Rs 179.79 crore, provisional data available with stock exchanges showed.