Key equity indices traded over one percent higher during early hours on Monday tracking strong global cues amid upbeat news on corporate earnings, economic data, and updates on vaccination drive.
Market experts said foreign portfolio investors have continued to buy Indian securities as the Union Budget 2021 sparked a strong rally, and there seems to be no reason for them to slow down.
At 10:15 am, the BSE S&P Sensex was up by 649 points or 1.28 percent at 51,381 while the Nifty 50 edged higher by 179 points or 1.2 percent to 15,103.
Most sectoral indices at the National Stock Exchange were in the positive terrain with Nifty auto up by 2.6 percent private bank by 1.8 percent and realty by 1.6 percent.
Among stocks, Mahindra & Mahindra moved up by 7.6 percent to Rs 931.65 per share while Tata Motors accelerated by 2.4 percent to Rs 323.55.
Private lenders too gained substantially with ICICI Bank up by 2.6 percent, Axis Bank by 2.5 percent, and IndusInd Bank by 2.2 percent.
The other major gainers were GAIL, Hindalco, Adani Ports, and State Bank of India. However, those which lost were Britannia, UPL, Bajaj Auto, Cipla, and HCL Technologies.
Meanwhile, Asian shares were near record highs on hopes a 1.9 trillion dollar Covid-19 aid package will be passed by US lawmakers later this month when coronavirus vaccines are being rolled out globally.
MSCI’s broadest index of Asia Pacific shares outside Japan was up by 0.3 percent.
Japan’s Nikkei jumped by 2 percent, the highest level since August 1990, as strong corporate earnings lifted investor confidence for economic recovery from pandemic lows.
Chinese shares were mildly positive with the blue-chip CSI300 index up by 0.1 percent.