Sensex Rises Over 400 Points, Nifty Crosses 10,850 Amid Buying Across Sectors

Domestic stock markets started the week on a positive note tracking gains in Asian shares. The S&P BSE Sensex rose as much as 1.17 per cent - or 429.87 points - to touch 37,024.20 in early trade, having started the session up 286.33 points (0.78 per cent) at 36,880.66. The broader NSE Nifty 50 benchmark climbed to as high as 10,894.05, after registering a gap-up opening just above the 10,850 mark compared to its previous close of 10,768.05. Gains across sectors - led by financial stocks - pushed the markets higher.

At 9:39 am, the Sensex traded 370.51 points - or 1.01 per cent - higher at 36,964.84, while the Nifty was up 104.00 points - or 0.97 per cent - at 10,872.05. 

Tata Motors, Reliance Industries, Tech Mahindra, Hindalco and JSW Steel, trading between 1.66 per cent and 3.49 per cent higher at the time, were the top percentage gainers in the 50-scrip Nifty basket. All shares but one moved higher in the index at the time. 

Reliance Industries and Infosys were the top boosts to the Sensex, contributing more than 200 points to the gain in the index.

The government said on Friday it was suspending the release of industrial production - or factory output - numbers for May due to inadequate data collection on account of the coronavirus lockdown.

Share markets elsewhere in Asia approached five-month highs on optimism about a recovery in earnings following COVID-19-induced lockdowns.

MSCI's broadest index of Asia-Pacific shares outside Japan was last seen trading 0.15 per cent higher, having climbed sharply last week on the back of surging Chinese stocks, which added another 1 per cent on Monday..

Japan's Nikkei 225 index gained 1.7 per cent and South Korea's KOSPI benchmark rose 1.2 per cent.

The E-Mini futures for the S&P 500 rose 0.50 per cent, indicating a positive start for US markets on Monday. However, some US states reported record new cases of COVID-19, a divergence that shows no sign of stopping.

EUROSTOXX 50 futures rose 1.1 per cent and FTSE futures 0.8 per cent, indicating a positive start for European markets.