Domestic stock markets started the week on a higher note tracking advances in Asian peers. The S&P BSE Sensex rose as much as 133.33 points to 38,900.44, and the NSE Nifty moved to 11,687.05 in intraday trade, up 43.6 points from the previous close. Gains in metal, auto and information technology stocks pushed the benchmark equity indexes higher. At 1:07 pm, the Sensex traded at 38,888.25, up 121.14 points compared with the previous close, while the Nifty was up 40.20 points at 11,683.65.
Tata Motors, TCS, Coal India, Hindalco and Hero MotoCorp - trading between 2.17 per cent and 6.30 per cent higher - were the top gainers on the 50-scrip index at the time. TCS, HDFC Bank and Tata Motors were the top contributors to the advances on Sensex.
Wholesale inflation accelerated to 3.18 per cent in March, from 2.93 per cent the previous month, government data showed on Monday. That marked the highest level of WPI- or Wholesale Price Index-based inflation recorded in three months.
On Friday, official data had shown that consumer inflation picked up to 2.86 per cent in March, from 2.57 per cent the previous month, strengthening hopes of further easing of monetary policy by the central bank this year.
Shares in information technology majors Tata Consultancy Services (TCS) and Infosys were in focus, after the companies announced their quarterly earnings post-market hours last Friday. TCS rose as much as 3.65 per cent in early trade while Infosys declined 4.70 per cent.
The domestic markets took positive cues from Asian peers, where equities neared nine-month highs on easing of concerns about the US-China trade conflict.
US Treasury Secretary Steven Mnuchin said he hoped the trade talks between the two countries were approaching a final lap, while strong Chinese export and bank loan data boosted confidence in the global economy.
MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.6 per cent to its highest since late July. Chinese shares led the growth with the blue-chip CSI300 index rising 2.2 per cent. Hong Kong's Hang Seng added 1.2 per cent while South Korea's KOSPI rose 0.7 per cent. Japan's Nikkei gained 1.4 per cent to the highest since early December.
(With inputs from Reuters)
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