The market remains strong backed by global cues with the BSE Sensex gaining 350 points and the NSE Nifty gaining 100 points in the morning trade.

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The BSE Sensex is currently trading at 38,603 points while the NSE Nifty is trading at 11,657 points. The banks continue to gain, ahead of the Allahabad Court verdict on stressed power assets as the RBI deadline ends today.

Jet Airways is gaining 0.24 percent ahead of declaring its Q1 results.

(Market update as of 10:20 am)

Opening Bell update:

The benchmark indices opened at a fresh peak on Monday, backed by strong global cues. The BSE Sensex opened at 38,457, while the NSE Nifty opened at 11,620 points.

Banks and steel stocks were seen gaining in early trade. SAIL, JSPL and JSW Steel gained more than two percent, while Tata Steel was trading higher by more than a percent.

Among banks, Yes Bank, ICICI Bank and SBI were the top gainers. Yes Bank gained more than two percent, while ICICI Bank and SBI were gaining more than a percent in early trade.

Jet Airways was also trading positive, going up by 0.62 percent ahead of declaring its results.

Asian shares rose early on Monday, taking support from Wall Street’s gains on Friday after US Federal Reserve Chairman Jerome Powell said a gradual approach to raising rates was best to protect the US economy and job growth.

Powell's comments, which were in line with market expectations, helped to push the S&P 500 index and Nasdaq Composite to record highs on Friday, cementing the S&P's longest-running bull market, as defined by some investors.

The Indian market on Friday recovered in the last hour of trade, but failed to turn positive. The NSE Nifty ended at 11,557, dragged by Infosys and private banks, while the BSE Sensex fell 85 points to end the session below 38,300.

(With inputs from Reuters)

First Published:Aug 27, 2018 9:34 AM IST