Banks stocks, positive European markets lift equities

Markets open in green Sensex edges up over 100 points

The rebound was led by banking and metal stocks which surged on the news of Tata Steel nearing Bhushan Steel and easing trade war fears.

At 9:27 AM the benchmark Sensex was trading 157.38 points or 0.48 percent up at 33,223.79 while the NSE Nifty was trading 52.30 points or 0.52 percent up at 10,182.95.

Mumbai- Positive cues from the European markets, along with healthy buying in banking, consumer durables, auto and metal stocks, pushed the key Indian equity indices to provisionally close on a higher note on Monday.

The laggards were BSE Information Technology (-0.68%), Oil & Gas (-0.31%) and Teck (-0.08%) were the only laggards.

The day's session started with the sensex opening in negative territory after a 400-point fall in the Dow Jones index on Friday night. The Nifty dropped to 9958.80 during intra-day trade.

The benchmark Sensex extended yesterday's gains by rising over 200 points in early trade on Tuesday, tracking firm global cues on reports of trade negotiations between the United States and China, easing fears of a trade war.

Elsewhere in Asia, Hong Kong's Hang Seng was up 0.78 per cent, while Shanghai Composite index rose 0.95 per cent in early trade today.

Major gainers were Wipro, Tata Steel, Axis Bank, L&T, SBI, Yes Bank, Kotak Bank, ICICI Bank, Adani Ports, IndusInd Bank, Sun Pharma, Tata Motors and Reliance Industries, rising by up to 2.30 per cent. It edged higher by 132.60 points or 1.33 per cent to provisionally close at 10,130.65 points (at 3.30 p.m). Monday's gains were generated despite a Rs 741-crore net selling by foreign funds, while domestic funds recorded a net inflow of Rs 2,018 crore. In Europe, Frankfurt's DAX inched up 0.63% in their early deals.

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