Sensex climbs 150 points, Nifty nears 11,950; Vedanta jumps 4%, YES Bank drops 6%
Nifty Smallcap index edged 0.61 per cent to 5,824 higher in the early trade.
Moreover, US Commerce Secretary Wilbur Ross said US may not need to impose tariffs on imported vehicles later this month after holding “good conversations” with automakers in the European Union.
BSE Sensex was up 224 points at 40,389 while its NSE counterpart Nifty gained 68 points in the early trade. The 50-share benchmark was at 11,958.
Broader markets were trading in tandem with headline peers as Nifty Midcap index climbed 0.43 per cent to 16,952. Nifty Smallcap index edged 0.61 per cent to 5,824 higher in the early trade.
Nifty Media index was the sole sectoral loser on NSE, shedding 1 per cent to 1,905. It was dragged by losses in Dish TV and Zee Entertainment, each down by 3 per cent. VTB Capital, an investor in Zee, has begun a process to sell 10.71 per cent in Zee Entertainment to recover loan dues.
YES Bank tanked 5 per cent to Rs 63.30 even as CEO Ravneet Gill said that the private lender will complete its capital-raising process by the end of December and hopes to hit the gas on growth engines of the bank.
Among the biggest gainers on Nifty were the beaten down Bharti Infratel, up 4.87 per cent to 212.30 and Hindalco, which was up 3.3 per cent to Rs 200.
In the global market, Asian shares surged to more than 14-week highs on Monday. MSCI's broadest index of Asia-Pacific shares outside Japan jumped 1 per cent, touching its highest level since July 25.
Hong Kong's Hang Seng led gains in the region, rising 1.4 per cent, and Seoul's Kospi added 1.3 per cent. In mainland China, blue chips were up 0.8 per cent, and Australian shares were 0.3 per cent higher.