The Indian market started the week on a strong note on Monday, mirroring gains in global markets, after US president Donald Trump announced that Washington won’t impose tariffs on goods imported from Mexico. Closer home, sentiments improved as the Reserve Bank of India issued a new circular on the resolution of stressed loans.
The BSE Sensex gained 218 points, or 0.55 percent, to hit 39834.10 in initial trade. The Nifty also added 66.60 points, or 0.56 percent, to hit 11,937.30.
HDFC Bank, HDFC, ICICI Bank, Reliance Industries and Tata Consultancy Services supported the bulls, but Kotak Mahindra Bank dragged.
On Friday, the 50-stock benchmark closed at 11870.65, up 26.90 points, or 0.2 percent. The Sensex closed at 39615.90, up 86.18 points, or 0.2 percent.
Broader markets also joined frontline indices with the Nifty MidCap index rising 0.59 percent. The major gain was seen in the Bank Nifty which saw a sharp surge of over 220 points in initial trade.
Among index gainers, Indiabulls Housing Finance, IndusInd Bank, Yes Bank, Vedanta and Britannia rose between 1 and 2.5 percent. Indian Oil, BPCL, M&M, ONGC and Kotak Mahindra Bank slipped by up to 0.89 percent.
Shares of Reliance Industries gained as the company, along with British partner BP Plc, has reportedly emerged the winner of a block in the fresh round of auction under the Open Acreage Licensing Policy.
Meanwhile, the Indian rupee opened higher at 69.45 per dollar on Monday against Friday's close 69.47.
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