The benchmark Sensex surged over 300 points in early trade on Monday, tracking gains in index majors HDFC twins, ICICI Bank and Infosys. The 30-share BSE index was trading 300.45 points or 0.62 percent higher at 49,033.
Similarly, the broader NSE Nifty rose 75.60 points or 0.52 per cent to 14,753.40.On Monday, (April 17), the markets opened on a positive note.
At 9:18 AM, the Sensex was up 282 points to 49,015 while the Nifty rose 78 points at 14,756.
In the previous session, Sensex ended 41.75 points or 0.09 per cent higher at 48,732.55, while Nifty slipped 18.70 points or 0.13 per cent to 14,677.80.
SBI was the top gainer in the Sensex pack, advancing over 2 per cent, followed by IndusInd Bank, ONGC, Bajaj Finserv, ICICI Bank, HDFC and Infosys.
On the other hand, L&T, Bharti Airtel, Sun Pharma, Titan and Dr Reddy’s were among the laggards.
The Wholesale Price Index-based inflation data will be announced today.
Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 2,607.85 crore on Friday, as per provisional exchange data.
According to V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, there are two macro numbers that will exert a big influence on the markets - externally, US inflation numbers; and internally, India''s COVID data.
"The jury is still out on the US inflation with the Fed claiming that the spike in inflation in April is transitory and many economists and market experts believing that inflation will continue to rise to force the Fed to taper earlier than expected. We will have to wait to see how the inflation scenario plays out.
"The other number, India's COVID data, indicates steady improvement with fresh cases steadily declining and the latest number at 2.81 lakh is indeed very positive. And, the recovery numbers at 3.78 lakh indicate a steady decline in total caseload. This means the present increasing lockdowns will be a temporary phase which is likely to be ignored by the market," he said.
Last week, bears were in action. The Nifty index ended at 14681 levels on the Friday trading session with a loss of 1.9 percent on a weekly basis, whereas BankNifty settled at 32169.55 with a weekly loss of around 3% from its weekly highs. Technically, the index has been trading below 50-Days SMA and also finding resistance at the falling trendline, which suggests some bearishness until it sustains above 14,900 marks, said Sumeet Bagadia, Executive Director, Choice Broking. At present, 14,900 will act as crucial resistance for the short term whereas 14600 is immediate support. Either-side breakout will decide the market direction for the long term. If Nifty sustains below 14,600, then we will see 14,400-14,300 levels, whereas a breakout above 14,900 will take nifty towards the level of 15,100-15,300.
In Asia, bourses in Shanghai and Hong Kong were trading on a positive note in mid-session deals, while Tokyo and Seoul were in the red.
Meanwhile, international oil benchmark Brent crude was trading 0.19 per cent higher at USD 68.84 per barrel.
Ether declined to its lowest since May 5. It fell about 8 percent to $3,296.10 while the Bitcoin fell around 6.6 percent to $43,117.23 on Bitstamp exchange--its lowest since February 28.
Petrol, diesel prices unchanged
Fuel prices remained unchanged on Monday after a hike on the previous day. Petrol now costs Rs 92.58 per litre in Delhi and a litre of diesel comes for Rs 83.22.
Petrol price on Sunday was increased by 24 paise per litre and diesel by 27 paise, pushing rates across the country to record highs and that of petrol in Mumbai to near Rs 99 a litre.
This is the ninth increase in prices since May 4 when the state-owned oil firms ended an 18-hiatus in rate revision they observed during assembly elections in states like West Bengal.
The increase led to rates in Delhi climbing to Rs 92.58 per litre and diesel to Rs 83.22, according to a price notification of state-owned fuel retailers. Rates had already crossed Rs 100-mark in several cities in Rajasthan, Madhya Pradesh and Maharashtra and with the latest increase, price in Mumbai too was inching towards that level.
A litre of petrol in Mumbai now comes for Rs 98.88 and diesel is priced at Rs 90.40 per litre.
Fuel prices differ from state to state depending on the incidence of local taxes such as VAT and freight charges. Rajasthan levies the highest value-added tax (VAT) on petrol in the country, followed by Madhya Pradesh and Maharashtra.
Sri Ganganagar district of Rajasthan had the costliest petrol and diesel in the country at Rs 103.52 per litre and Rs 95.99 a litre, respectively.
In nine increases, petrol price has risen by Rs 2.19 per litre and diesel by Rs 2.49.
(With PTI inputs)