Domestic equities made a firm opening Monday tracking firm Asian markets trend, as buying in select banking and other frontline large-cap stocks pushed the Sensex close to the crucial 30,000-mark. Also, a victory for Emmanuel Macron in the race for French presidential election lifted the sentiment globally.
The rupee's sharp appreciation in early trade kept the mood upbeat, raising hopes overseas investors could be looking at increasing exposure to local equity markets.
At 11.30 am, the 30-share BSE S&P Sensex was at 29.995.45, up 136.65 points, or 0.5 percent from previous close. Meanwhile, the NSE Nifty regained the 9,300-mark by rising 47.65 points, or 0.5 percent, at 9,332.95.
On Friday, the Sensex had lost 267.41 points on global weakness due to a renewed slide in crude oil prices.
Traders said buying activity picked up as positive cues started emerging from other Asian bourses following a Wall Street rally at the close of last week. Investors also cheered centrist Emmanuel Macron's victory over anti-EU Marine Le Pen in France's presidential election, which influenced sentiment.
Among the major gainers in the Sensex pack, ICICI Bank was the top performing stock, suring 3.2 percent as the lender's strong earnings show last week prompted investors to increase their exposure to this private banking entity.
Other banking scrips such as Axis Bank rose 1.6 percent and State Bank of India gained 1.1 percent.
Other frontline stocks that attracted buying were Tata Motors, Bharti Airtel, Wipro, Lupin, HeroMotocorp, M&M and Infosys that were up around a percent each.
On the currency front, the rupee recovered 13 paise to 64.25 against the US dollar in early trade today at the Interbank Foreign Exchange market on fresh selling of the American currency by exporters and banks.
Besides, a higher opening of domestic stocks and fresh bout of foreign fund inflows kept the domestic unit in high spirits, forex dealers said.
However, the dollar's recovery against some currencies overseas on a strong US jobs report restricted the rupee's upmove.
On Friday, the rupee plunged 20 paise to end at a fresh two-week low of 64.38 against the US dollar as a massive fall in local equities amid heightened global volatility took toll on the currency market.
With PTI inputs
Published Date: May 08, 2017 11:28 AM | Updated Date: May 08, 2017 11:36 AM