The markets on Monday opened higher with Sensex at 62,886.2, up by 181.45 points and Nifty was at 18,612 with a gain of 78.20 points. Wipro, Axis Bank, Power Grid, NTPC and Reliance were the top gainers whereas Nestle and Asian Paints were the top losers.
Markets on Friday
Thanks to a drop in inflation and a surge in growth beyond expectations, Sensex gained 119 points to end the day at 62,547. Nifty also ended the day in the green above 18,500 points, after closing on a negative note for two days in a row.
With the labour market report indicating moderating wage growth in the last month the Federal Reserve may decide to skip a rate hike in two weeks. This in addition to the deal that avoided debt default the US stocks closed higher on Friday. The Nasdaq Composite gained 139.78 points to 13,240.77, S&P 500 added 61.35 points to 4,282.37 while the Dow Jones Industrial Average rose 701.19 points at 33,762.76.
After a positive close to the US stock markets the Asian stock markets on Monday were trading higher. Singapore's SGX Nifty rose 85.50 points to 18,714.50, South Korea's KOSPI was higher with an addition of 9.73 points at 2,611.09, Japan's Nikkei 225 jumped 540.51 points at 32,064.73 and Hong Kong's Hang Seng was at 19,046.89 with a gain of 96.95 points.
Oil prices on Monday rose after Saudi Arabia pledged to cut production by another 1 million barrels per day from July in order to counter macroeconomic headwinds that have depressed markets. Brent crude futures rose $1.51 cents to $77.64 per barrel and US West Texas Intermediate crude was at $73.15 per barrel with a gain of $1.41 cents.
Indian rupee on Monday opened lower at 82.46 per dollar against Friday's close of 82.30.