Sensex Rallies 300 Points; Axis Bank, Titan, Reliance Industries Top Gainers

Asian shares face another tough week as Beijing's regulatory crackdown fans fears about China's economy

Sensex Rallies 300 Points;  Axis Bank, Titan, Reliance Industries Top Gainers

Axis Bank, Titan, Reliance Industries and Bajaj Finserv have gained around 1 per cent each

The domestic stock markets have started the week on an upbeat note, ignoring the mixed cues from the global markets. At 9:20 am, the BSE Sensex was trading at 52,904.20, higher by 321 points or 0.62 per cent and the NSE Nifty was at 15,859.25, up 97.10 points or 0.61 per cent. The broader markets are also trading firm, with the BSE Midcap index and BSE Smallcap index gaining 0.7 per cent and 0.9 per cent respectively.

All the sectoral indices are trading in the green, with the auto and PSU bank indices gaining around a per cent each on the BSE.

Asian shares face another tough week as Beijing's regulatory crackdown fans fears about China's economy, though upbeat economic data in the United States and Europe and solid corporate earnings put a floor under their markets.

China's problems were underlined over the weekend by a survey showing factory activity grew at the slowest pace in 17 months amid rising costs and extreme weather. Japan's Nikkei bounced back 1.1 per cent, but that was from its lowest since January.

US stocks fell on Friday and registered losses for the week as Amazon.com shares dropped after the company forecast lower sales growth, but the S&P 500 still notched a sixth straight month of gains. The Dow Jones fell 0.42 per cent, the S&P 500 lost 0.54 per cent and Nasdaq Composite dropped 0.71 per cent.

Meanwhile, oil prices fell on Monday on worries over China's economy after a survey showed factory activity growing at its slowest pace in 17 months in the world's second-largest oil consumer.

Brent crude oil futures skidded 81 cents, or 1 per cent, to $74.60 a barrel and U.S. West Texas Intermediate (WTI) crude futures dropped 69 cents, or 0.9 per cent, to $73.26 a barrel.

On the earnings front, HDFC, Punjab National Bank and Castrol India will be announcing their Q1 numbers during the day.

On the stock-specific front, Axis Bank, Titan, Reliance Industries and Bajaj Finserv have gained around 1 per cent each on the BSE. And HDFC has edged higher by 0.5 per cent to Rs 1432 on the BSE ahead of the results to be announced during the day.

On the other hand, Tech Mahindra, Sun Pharma and Tata Steel are witnessing profit-booking post the rally seen in the previous week.

The BSE market breath is strong. Out of 2,821 stocks traded on the BSE, there are 2,064 advancing stocks as against 647 declines.