Equities gain on positive global cues, metal and telecom stocks

Mumbai: Equity benchmark indices were on an upward swing during early hours on Monday amid global cues and reports of some progress in the US-China trade dispute.

At 10:15 am, the BSE S&P Sensex was up by 216 points at 40,576 while the Nifty 50 gained by 58 points to 11,972. All sectoral indices at the National Stock Exchange except for Nifty media were in the green with Nifty metal up by 2.17 percent and realty by 1.36 percent.

Tata Steel gained by 2.7 percent, JSW Steel by 2.5 percent, Hindalco by 2.1 percent and Vedanta by 1.6 percent.

Even telecom majors witnessed handsome gains with Bharti Airtel up by 4 percent, Bharti Infratel by 2.8 percent and Vodafone Idea by 1.5 percent.

Realty major DLF Ltd added gains of 2.9 percent at Rs 222.80 per share while Oberoi Realty edged higher by 0.8 percent. Index heavyweight Reliance Industries traded 1.1 percent higher at Rs 1,563.65 per share.

However, those which lost were Zee Entertainment, Bharat Petroleum Corporation, HCL Technologies, Wipro and Yes Bank.

Meanwhile, Asian shares made guarded gains as investors hoped for some progress in the US-China trade dispute.

MSCI’s broadest index of Asia Pacific shares outside Japan bounced by 0.8 percent while Japan’s Nikkei firmed by 0.9 percent while Shanghai blue chips rose by 0.4 percent.

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