New Delhi, India (BBN)-Lack of positive triggers domestically did not have any impact on the stock markets in opening trade with the BSE and the NSE rising more than 1 per cent.
The Sensex is up 372 points, while the 50-share Nifty on the NSE is trading up 92 points, reports the Hindustan Times.
Strong buying sentiment in Asian markets may have contributed to this upbeat trend, said market traders.
The Hong Kong stock index and Korea’s Kospi index were up 1.8 per cent and 1.2 per cent respectively.
International reports suggested that Asian traders are upbeat following a weak US employment data which indicates that the US Federal Reserve will further delay its earlier stated move on hiking interest rates.
“The sensex had gained nearly 2% against the previous week on RBI credit policy and the unexpected cut in interest rates by 50 basis points,” said Rahul Shah, vice-president, Motilal Oswal Securities.
“US and China data will be important along with Indian corporate quarterly results which will derive the market trend. Housing finance companies and auto companies should be in focus,” he added.
At 9:40am, the Sensex was being led by Tata Motors, which is up 6.58%, followed by HDFC (up 2.8%), Tata Steel (up 2.6%).