Domestic stock markets recovered early losses on Monday amid buying in IT and consumer goods stocks, shrugging off weakness in global peers. The S&P BSE Sensex rose as much as 264.57 points from the day's low to touch 37,583.57 in the first hour of trade, and the NSE Nifty moved to 11,300.20, up 21.3 points from the previous close. The markets started the day on a mixed note with the Sensex opening 28.31 points higher and 20.2 points lower. At 10:17 am, the Sensex traded 94.75 points - or 0.25 per cent - higher at 37,557.74, and the Nifty was up 13.50 points - or 0.12 per cent - higher at 11,292.40.
Twenty three stocks on the 50-scrip benchmark index traded with gains at the time. Top gainers on the index were Bharti Infratel, Tech Mahindra, ITC, State Bank of India and TCS, trading between 1.30 per cent and 2.27 per cent higher.
ITC, TCS and HDFC contributed the most to the advances on Sensex.
Equities in other Asian markets slipped on growing uncertainty over whether the US and China will be able to reach a deal to end their escalating trade war. MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.4 per cent, nearing its two-month low marked on Thursday. Japan's Nikkei average sunk as much as 1.0 per cent to its lowest level since March 28.
Chinese shares tumbled, with the benchmark Shanghai Composite and the blue-chip CSI 300 shedding 1.4 per cent and 1.6 per cent, respectively, while Hong Kong's financial markets were closed for a holiday.
The United States and China appeared at a deadlock over trade negotiations on Sunday as Washington demanded promises of concrete changes to Chinese law and Beijing said it would not swallow any "bitter fruit" that harmed its interests.
E-Mini futures for the S&P 500 shed 1.0 per cent.
The domestic stock markets had extended declines to eight straight days last Friday, with the Sensex and Nifty ending 0.26 per cent and 0.2 per cent lower.
(With inputs from Reuters)
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