Business

Markets open higher; Sensex up over 200 points, Nifty above 10,500

New Delhi: Stock market emerged stronger from the rout in global equity markets by opening in positive on Monday amidst healthy buying in metals, consumer durables, auto and banking stocks.

BSE Sensex rose by 260.12 points or 0.78 percent to trade at 34,265.88. The broad-based NSE Nifty was up 81.50 points, or 0.78 percent at 10,536.45 in early trade.

The BSE market breadth was bullish as 1,028 stocks advanced as against 224 declines. Major gainers were ONGC, Tata Steel, Sun Pharma, Bharti Airtel, Adani Ports, L&T, HeromotoCorp and Axis Bank.

The rupee recovered by 15 paise to 64.25 against the dollar in opening trade today on fresh selling of the US currency by exporters and banks amid a higher opening in domestic equity markets.

Last week on Friday, the key equities plunged into the negative territory amid a global sell-off.

The Sensex closed at 34,005.76 points -- down 407.40 points or 1.18 percent from its previous session's close, while the Nifty50 fell by 121.90 points or 1.15 percent to close at 10,454.95 points.

Asian markets mostly rose on Monday as investors cautiously edged back into buying after last week`s global rout, with confidence lifted by a rally on Wall Street but analysts warned of further volatility.

After a stellar 2017 and a January that saw record and multi-year highs around the world, traders are scurrying to the hills this month as a strong economic outlook -- particularly in the US -- healthy corporate earnings and rising inflation have sent borrowing costs surging.

Equity markets, for years buoyed by post-crisis stimulus, have spiralled into the red as traders fret that the era of cheap cash is at an end.

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