The key benchmark indices opened on a positive note on Monday amid strong global cues. The Sensex climbed over 250 points to trade at 60,048 levels while the Nifty50 rose over 50 points to trade above 17,900 levels.
The broader markets, too, were in positive territory as Nifty Midcap 100 and Nifty Smallcap 100 rose up to 0.9 per cent.
Tech Mahindra, Bajaj Finserv, M&M, Dr Reddy's, Infosys were the major gainers in early trade on Monday.
Meanwhile, Hindustan Unilever, HDFC, Asian Paints, Kotak Bank weighed on the indices.
All sectors opened in a positive territory with Nifty Media and Nifty IT indices leading the pack.
US Stocks Rally
US stocks rallied Friday as Wall Street caps off a strong weekly performance, recovering from a Federal Reserve-induced slump. The Dow Jones Industrial Average gained 377.19 points, or about 1.19% to 32,151.71. The S&P 500 jumped 1.53% to 4,067.36, and the Nasdaq Composite climbed 2.11% to 12,112.31.
Asian equities extend risk rally
Asian share markets made cautious gains on Monday on hopes a key reading on U.S. inflation will show some cooling, while the U.S. dollar was restrained by the risk of higher European interest rates and Japanese intervention.
Oil prices slide
Oil prices slipped during Asian trade on Monday as the prospect of further interest rate hikes in the United States and Europe to quell inflation and the imposition of strict Covid-19 restrictions in China overshadowed the global demand outlook.
The rupee appreciated by 12 paise to close at 79.57 against the US dollar on Friday, tracking positive domestic equities and foreign fund inflows.