Sensex rallies over 300 points in early trade, Nifty tops 10,700

Equity benchmark Sensex rallied over 300 points in early trade on Monday tracking massive buying momentum in Asian peers and foreign fund inflows.

After touching a high of 36,389.01, the 30-share index was trading 310.29 points, or 0.86 percent, higher at 36,331.71, while the NSE Nifty rose 99.70 points, or 0.94 percent, to 10,707.05.

IndusInd Bank was the top gainer in the Sensex pack, advancing around 4 percent, followed by HDFC Bank, Bajaj Finance, Tech Mahindra, SBI, Axis Bank, ITC and Tech Mahindra.

On the other hand, Bajaj Auto, PowerGrid, Titan and HUL were among the laggards.

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In the previous session, the BSE barometer settled 177.72 points, or 0.50 percent, higher at 36,021.42, and the broader Nifty rose 55.65 points, or 0.53 percent, to end at 10,607.35.

Foreign institutional investors turned net buyers in the capital market on Friday, purchasing equities worth Rs 857.29 crore, provisional exchange data showed.

According to traders, domestic indices rallied on positive sentiment led by hopes of a Covid-19 vaccine, improving macroeconomic conditions and massive buying-interest in global benchmarks despite surging coronavirus cases across the world.

Bourses in Shanghai, Hong Kong, Tokyo and Seoul soared up to 4 per cent on hopes of more government stimulus to support economic recovery.

Meanwhile, international oil benchmark Brent crude futures rose 0.63 per cent to $43.07 per barrel.