Markets open higher; Sensex up over 200 points, Nifty above 10500

Major gainers were ONGC Tata Steel Sun Pharma Bharti Airtel Adani Ports L&T Heromoto Corp and Axis Bank

Major gainers were ONGC Tata Steel Sun Pharma Bharti Airtel Adani Ports L&T Heromoto Corp and Axis Bank

Stocks staged a strong comeback in early trade on Monday with the BSE Sensex gaining over 260 points and the Nifty recapturing the 10,500-level on continued buying by domestic funds ahead of inflation data to be released after market hours today.

Aggarwal said in line with expectations, the Reserve Bank of India - in its final bi-monthly monetary policy review of the fiscal on Wednesday - kept key interest rate unchanged at 6 per cent with neutral stance, citing concerns about the inflationary push by rising global crude oil prices.

In the broader market, the BSE Midcap and the BSE Smallcap indices outperformed and rallied over 1 per cent each.

The rupee recovered by 15 paise to 64.25 against the dollar in opening trade today on fresh selling of the USA currency by exporters and banks amid a higher opening in domestic equity markets.

Meanwhile, SBI surprised markets by reporting a massive quarterly loss due to higher provisions towards bad loan and hardening of bond yields.

Back home, ICICI Bank dropped the most by 2.75 per cent, followed by ITC 1.9 per cent, HDFC 1.85 per cent, Axis Bank 1.66 per cent and Larsen and Toubro 1.6 per cent.

Country's industrial growth is likely to have slowed down to 6.5 per cent in December from 8.4 per cent in the preceding month, according to the median of a Cogencis poll of 19 economists. Shares in the other Asian markets except Japan saw mild gains.

On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) tanked 1,060.99 points or 3.02 per cent to close trade at 34,005.76 points.

Both South Korea and China gained 0.8 percent, while Japan's Nikkei was closed for a holiday.

E-Mini futures for the S&P 500 rose 0.5 percent, adding to a late bounce on Friday.

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