Sensex Reclaims 50,000, Nifty Above 14,800; Banking, Auto Stocks Trading Firm

The domestic stock markets have opened in the green, following positive global cues. At 9:20 am, the BSE Sensex was trading at 50,075, higher by 280 points or 0.6 per cent and the NSE Nifty was at 14,820.90, up 75.65 points or 0.61 per cent. The broader markets were also going strong in tandem with their benchmark counterparts; the BSE Midcap index and BSE Midcap index had strengthened by around a per cent each.

Overnight, Wall Street rallied as technology stocks rebounded from a recent sell-off sparked by surging bond yields, and Tesla jumped after a fund run by an influential investor in the electric-car maker said its shares could approach $3,000 by 2025.

The Dow Jones closed up 103.23 points, or 0.32 per cent, at 32,731.2. The S&P 500 gained 27.49 points, or 0.70 per cent, to 3,940.59 and the Nasdaq Composite added 162.31 points, or 1.23 per cent, to 13,377.54.

Meanwhile, oil steadied on Monday as hopes for a pick-up in demand later this year helped arrest last week's broad sell-off, but prices stayed under pressure as new European coronavirus lockdowns made a quick recovery look less likely.

Brent crude ended the session up 9 cents or 0.1 per cent at $64.62 a barrel, while U.S. oil for delivery in April fell 13 cents, or 0.2 per cent, to settle at $61.55 a barrel as it expired.

On the stock-specific front, Adani Ports surged 2.7 per cent to top the gainer's list on the BSE. In the financials space, IndusInd Bank, Axis Bank and HDFC Bank gained more than a per cent each on the BSE. And in the auto space, Tata Motors, Maruti Suzuki and Bajaj Auto gained up to  per cent each.

On the losing side, IOC, Powergrid, Britannia and Tech Mahindra shed up to  per cent each on the BSE.

The BSE market breadth is strong. Out of 2,209 stocks traded on the BSE, there are 1,571 advancing stocks as against 553 declines.