Sensex gains over 150 points, Nifty above 10,350, ICICI Bank biggest laggard

The benchmark BSE Sensex advanced over 150 points in early trade on Monday, due to sustained buying by domestic institutional investors amid firm Asian cues.

Continuing its upward march for the third straight session, the 30-share index rose 153.56 points, or 0.46%, to 33,780.53. The gauge had gained 607.90 points in the previous two sessions.

The NSE Nifty too was up 56.20 points, or 0.54% , at 10,387.80.

Sectoral indices, led by consumer durables, consumer discretionary goods, metal, oil and gas, and basic materials were trading in the positive zone with gains of up to 1.84%.

Brokers said that a firm trend at other Asian markets on easing concerns about a sharp rise in US interest rates and buying by investors ahead of earnings season, scheduled to begin this week, helped lift market sentiment.

Major gainers were Asian Paints, Kotak Bank, Yes Bank, IndusInd Bank, L&T., Maruti Suzuki,M&M, and ITC gaining up to 1.79%.

ICICI Bank was the biggest laggard in morning trade, falling up to 1.75%.

Among other Asian markets, Japan’s Nikkei was up 0.06% while Hong Kong’s Hang Seng index rose 0.97%. Shanghai Composite Index too edged higher by 0.15%.

The US Dow Jones Industrial Average, however, ended 2.34% down in Friday’s trade after Donald Trump warned of tariffs on an additional $100 billion worth of Chinese imports.