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Sensex up over 850 points, Nifty above 11,500

File photo. Photograph:( Reuters )

WION Web Team New Delhi Sep 23, 2019, 09.47 AM (IST)

The domestic stock market extended gains on Monday morning, after Finance minister Nirmala Sitharaman’s corporate tax booster and GST rate cuts lifted sentiments.

At 09:40 am, the Sensex was up by 851 points or 2.24% at 38,865.08, and the Nifty up 266.40 points or 2.36% at 11,541.90.

About 836 shares have advanced, 135 shares declined, and 30 shares are unchanged.

The Sensex was up 1,000 points to 39,144, while the Nifty was trading above the 11,500-mark at 9.20 am. L&T, ITC, IndusInd Bank, M&M were the biggest gainers in Sensex, jumping up to 8%.

Global cues

Asian shares started higher on Monday on hopes of an interim Sino-US tariff deal after the two countries described their talks as “productive” and “constructive”.

Japan's Nikkei opened 0.2 per cent higher while Australian shares added 0.5 per cent. South Korea's Kospi was a touch weaker. That left MSCI’s broadest index of Asia-Pacific shares outside Japan up 0.5 per cent. At 7 am, Nifty futures on the Singapore Stock Exchange (SGX Nifty) was trading 56 points higher, suggesting a positive opening for domestic indices. 

In commodities, oil gained more than 1 per cent as Middle East tensions remained elevated. Brent crude futures jumped 1.2 per cent, or 75 cents, to $65.03 a barrel.

(With inputs from Reuters)

Story highlights

At 09:40 am, the Sensex was up by 851 points or 2.24% at 38,865.08, and the Nifty up 266.40 points or 2.36% at 11,541.90.