Sensex jumps over 250 pts; Infosys rallies 5 pc

Domestic equity benchmark BSE Sensex surged over 250 points in opening trade Monday driven by gains in index heavyweight Infosys, amid positive cues from global markets.

The 30-share index, however, gave up some gains to trade 164.84 points, or 0.43 per cent, higher at 38,901.07 at 0930 hours. Similarly, the broader Nifty rose 46.95 points, or 0.41 per cent, to 11,599.45.

Infosys was the top gainer in the Sensex pack, rallying over 5 per cent, after the IT major came out with its June quarter results post market hours on Friday. The company posted better-than-expected 5.3 per cent rise in its June quarter net profit, and raised revenue growth forecast for the current fiscal.

Yes Bank, Sun Pharma, Tata Motors, M&M and Bajaj Auto also rose up to 3.88 per cent.

On the other hand, L&T, Vedanta, Hero MotoCorp, ICICI Bank, Tata Steel, Axis Bank, NTPC and PowerGrid fell up to 1.10 per cent.

Besides the rally in Infosys shares, firm global cues too drove investor sentiment here, traders said.

Market it also awaiting wholesale price index (WPI) data, scheduled to be released later in the day.

In the previous session, the 30-share gauge settled 86.88 points or 0.22 per cent lower at 38,736.23; and the broader NSE Nifty dropped 30.40 points, or 0.26 per cent, to 11,552.50.

On a net basis, foreign institutional investors sold equities worth Rs 850.11 crore, while domestic institutional investors purchased shares to the tune of Rs 940.12 crore, provisional data available with stock exchanges showed Friday.

Elsewhere in Asia, Shanghai Composite Index, Hang Seng, Nikkei and Kospi were trading higher in their respective early sessions.

Meanwhile, the Indian rupee appreciated 14 paise to 68.55 against the US dollar.

The global oil benchmark Brent crude futures were trading 0.12 per cent lower at 66.64 per barrel.