Sensex up over 200 points, Nifty above 8,300; Banks gain

Axis Bank, HDFC Bank, Coal India, Tata Steel and ICICI Bank are top five Sensex gainers

Markets have extended gains and are trading near day’s high supported by strong buying among financials and metal shares.

By 10:33, the Sensex was higher by 249 points at 27,565 and the Nifty gained 80 points at 8,305.

The top gainers on the Sensex are Axis Bank, HDFC Bank, Coal India, Tata Steel and ICICI Bank, all surging between 1-2%.

The Bank Nifty has surged around 300 points, up 1.6% at 18,168.


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Updated at 9:30

Markets have started the session on a higher note tracking positive trend among global peers.

By 9:30, the Sensex was higher by 168 points at 27,484 and the Nifty gained 53 points at 8,278.

Among broader markets, BSE Midcap and Smallcap indices are up nearly 1%. The market breadth is positive with 911 shares advancing and 284 shares declining.

Market participants said that investors will also keep an eye on how the monsoon progresses. The June-September southwest monsoon is critical for the country's agriculture because a considerable part of the country's farmland is dependent on the rains for irrigation.

Global events such as Greece outcome could also drive the markets. Further, stock markets may witness volatility this week amid expiry of derivatives contracts.

Further, foreign portfolio investors (FPIs) sold shares worth a net Rs 106.12 crore during previous trading session on Friday as per provisional data released by the stock exchanges.

In the currency front, rupee is trading at 63.52 per dollar vs previous close of 63.57.

GLOBAL MARKETS

Asian shares got the week off to a strong start and US stock futures and the euro firmed on Monday, after Greece scrambled to avert defaulting on its debt with last-minute proposals aimed at appeasing its creditors.

Many investors were still cautious about Prime Minister Alexis Tsipras's proposals because it was not immediately clear how far they yielded to creditors' demands for additional spending cuts and tax hikes, nor whether creditors can stomach the offer.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5%, while Japan's Nikkei stock index added 0.8%.

SECTORS & STOCKS

BSE Realty index has surged by over 1.5% followed by counters like Healthcare, IT, Auto, Banks and Metal, all gaining by nearly 1% each. Infact, all the sectoral indices are trading in positive zone.

The top gainers on the Sensex are Axis Bank, Dr Reddy’s Labs, Tata Steel, Coal India and BHEL, all rising over 1% each.

Bank Nifty is up around 200 points at 18,072. Axis Bank, HDFC Bank, ICICI Bank and SBI have surged over 1%.

Dr Reddy's Laboratories has gained pver 1% after the launch of HAiROOTZ, the first hair growth supplement to be marketed in India as over-the-counter (OTC) by the company.

Lupin has replaced private sector electricity producer Tata Power on the BSE benchmark index Sensex from today. Lupin is up over 1%.

With Reuters input