The market has kickstarted the week on a strong note supported by index heavyweights. The Sensex is up 187.26 points or 0.7 percent at 25415.76, and the Nifty up 50.75 points or 0.7 percent at 7784.20. About 554 shares have advanced, 193 shares declined, and 45 shares are unchanged.
Hindalco, ITC, NTPC, HDFC and Tata Steel are top gainers while Dr Reddy’s Labs fell over 1 percent.
The Indian rupee opened marginally higher at 66.52 per dollar on Monday versus 66.55 Friday.
Pramit Brahmbhatt of Veracity said, “The rupee is expected to trade sideways with a positive bias. We see a narrow range without any strong cues from domestic or global markets.”
The dollar index rose against a basket of currencies after the head of the New York Federal Reserve, William Dudley, told the New York Times the US Central Bank may raise interest rates twice in 2016 following weaker-than-expected April data on hiring.
Asian stocks open mixed, as oil prices rallied on supply outages in Canada and amid surprise over the exit of Saudi Arabia’s veteran oil minister Ali al-Naimi.
Oil prices surged more than 2 percent at the start of session, as wildfires in Canada shut half of the country’s vast oil sands capacity over the weekend, Reuters reported.