The Indian equity markets surged at the opening with the Nifty50 only 60 points away from its record high of 11,760, hit on August 28, 2018, tracking positive global cues. Asian stocks rallied on Monday as positive Chinese factory gauges and signs of progress in Sino-US trade talks supported sentiment.

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Hopes of the Reserve Bank of India (RBI) slashing rates in its monetary policy decision later this week and expectations of the current government returning to power also boosted the market sentiment.

India’s currency and bond markets are closed on Monday for annual account closing of banks. Trading will resume on Tuesday.

At 9:20 am, the S&P BSE Sensex was trading at 38,899, up 227 points, while the broader NSE Nifty50 was ruling at 11,665, adding 41 points. Meanwhile, broader markets were in-line with the frontline indices with the Nifty MidCap rising 0.5 percent and the Nifty SmallCap advancing 0.8 percent.

Tata Motors, Vedanta, Hindalco, Tata Steel, and GAIL were top gainers on Nifty50, while Cipla, Zee, HCL Tech, UPL, and Titan fell the most.

Nifty Bank hit a record high, gaining over half a percent in early morning trade, led by gains in Bank of Baroda, RBL Bank, PNB, SBI, and Federal Bank, up in the range of 0.6-2.5 percent.

Nifty Auto, Nifty Metal, Nifty PSU Banks and Nifty FMCG were other sectoral gainers on NSE. Nifty Metal index extended Friday's rally, up over 2 percent in early morning deals. SAIL, Hindalco, Vedanta, and JSPL were top gainers, up over 3 percent each.

Globally, MSCI’s broadest index of Asia-Pacific shares outside Japan added 1 percent and the Shanghai Composite Index rallied 1.7 percent. Australian stocks climbed 0.8 percent, South Korea’s KOSPI gained 1 percent and Japan’s Nikkei advanced more than 2 percent.

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