Markets gain with Nifty close to 11,700 mark, Sensex up 315 points

Mumbai: Stock markets opened with a buoyant note on Monday as the new financial year began ahead of the general elections.

At 10:15 am, the BSE S&P Sensex was up 315 points at 38,988 while the NSE Nifty 50 gained 75 points at 11,699.

The gains were broad-based with most sectoral indices in the green. At the National Stock Exchange, the banking index was up nearly half percent.

Hindalco traded high by 5.6 percent, Tata Motors 4.3 percent, Vedanta 4.2 percent and GAIL 2.6 percent.

However, Indian Oil was down 3.6 percent, ONGC 2.2 percent, Indiabulls Housing Finance 2.1 percent and Coal India 1.8 percent.

Meanwhile, other Asian stocks too rallied with market sentiment supported by positive Chinese factory data and signs of progress in US-China trade talks. The Caixin/Markit purchasing managers’ index (PMI) showed the manufacturing sector returning to growth.

The United States and China said they made progress in trade talks that concluded on Friday in Beijing.