After opening higher, the domestic headline indices– Sensex and Nifty– rallied further despite weak macro cues. Sensex is up 307 points to 36,268.18, while the Nifty 50 is trading firmly above the 10,850-level.
VEDL share price gained by more than 5% on Monday morning after NGT allowed the firm to resume operations in the Toothukudi copper smelter plant. Jet Airways share price slumped 4.8% after reports that turnaround-man Nikos Kardassis has exited the firm.
Asian share markets began the week on a cautious note after soft economic data from China and Europe added to evidence of cooling global growth and reinforced anxiety over the broadening impact of international trade frictions. On Friday, the S&P 500 more than 1.9% to 2,599.95, its lowest close since April 2.
The benchmark index has plunged 11.3% from record high levels of its Sept 20. Tata Motors (up 4.01 percent), Vedanta (up 3.32 percent), PowerGrid (up 3.23 percent), NTPC (up 2.51 percent) and ICICI Bank (up 1.71 percent) were the top Nifty gainers.
Oil Prices
Oil prices were largely steady on Monday after falling 2 percent in the previous session but remained under pressure amid weaker growth in major economies and concerns about oversupply.
Top gainers and losers on the Sensex:
Shares of YES Bank, Vedanta, Tata Motors, Vodafone, NTPC, Indian Oil Corp, ICICI Bank, SAIL, PowerGrid, and ONGC were among the most traded shares on the National Stock Exchange.
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