New Delhi, India (BBN)-The BSE benchmark Sensex opened jumped over 100 points in trades on Monday on the back of gains visible in oil & gas, pharma and auto stocks.
The 50-share Nifty was trading close to its important psychological level of 8,300 led by gains in blue-chip stocks such as Reliance Industries, ICICI Bank and ONGC, reports NDTV.
The Indian benchmark indices had been facing the heat of the selling pressure ever since the government raised demand for the minimum alternate tax (MAT) on the profits made by the foreign institutional investors (FIIs) during the previous years.
Overseas investors have pulled out nearly Rs 17,000 crore from the Indian capital markets in the first two weeks of May amid continued taxation worries.
Meanwhile, buying was visible across the sectors. Oil & gas stocks were among the top performers in trades on Monday. Consumer durables, auto, healthcare and Power stocks were also witnessing buying interest.
From the Nifty-50 basket of stocks, 37 stocks were advancing while 13 were advancing.
Asian Paints was the top Nifty gainer. The stock jumped 2.8 per cent to Rs 812 ahead of its earnings which will be declared later in the day.
Analysts polled by NDTV expect the Asian Paints to post jump of 31.7 per cent at Rs 378 crore in its net profit.
Bharat Petroleum also advanced over 2 per cent to Rs 783 after the government on Friday hiked petrol and diesel prices.
Lupin, Cairn India, Zee Entertainment, Yes Bank, UltraTech Cement, Yes bank, ONGC and GAIL India were also among the gainers.
At 9:41 a.m., the Sensex was up 125 points at 27,448 and the Nifty jumped 40 points to 8,302.