Mumbai: Indian stock markets started the week on a positive note as investors bought banking and other blue-chip stocks. Lower crude oil prices and fresh foreign investor buying also supported market sentiment.
At around 10:13-10:14 am, the BSE Sensex was trading 337.28 points higher at 78,101.41, while the NSE Nifty gained 98.05 points to 24,368.90, according to the latest market data.
Bank Stocks Lead Rally
Buying was mainly seen in large banking shares. HDFC Bank, ICICI Bank, Axis Bank, Bharat Electronics, Bharti Airtel and HCL Technologies were among the top gainers on the Sensex.
On the other hand, Kotak Mahindra Bank, Bajaj Finserv, Power Grid and ITC were among the stocks trading lower in early deals.
The strong performance of banking stocks helped both benchmark indices stay in the green.
Oil Prices Ease, FIIs Return
Global crude oil prices remained lower, easing concerns over inflation and fuel costs. Brent crude was trading around $71.72 per barrel, which improved investor confidence.
Foreign Institutional Investors (FIIs) also supported the market after buying Indian equities worth Rs 1,355.33 crore on Friday. Their return to buying has improved overall market sentiment.
Earnings Season in Focus
Market experts believe investors will now shift their attention to the June quarter earnings season beginning this week. IT major TCS is scheduled to announce its results on July 9, and its management commentary will be closely watched for signs of business demand and future growth.
VK Vijayakumar, Chief Investment Strategist at Geojit Investments, said the revival of the monsoon and the return of FII buying are positive for markets. He added that corporate earnings will become the next major trigger.
Global Markets Mixed
Asian markets showed a mixed trend. China's Shanghai Composite and Hong Kong's Hang Seng traded higher, while Japan's Nikkei and South Korea's Kospi were lower.
Meanwhile, geopolitical tensions in the Middle East have eased, reducing worries over energy supplies and supporting global investor confidence.
On Friday, the Sensex had closed at 77,763.91, while the Nifty ended at 24,270.85.
