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Stock market opens higher following global cues

Stock market opens higher following global cues

Mumbai: Equity benchmark indices opened higher on Monday tracking positive global cues.

At 10:15 am, the BSE S&P Sensex was up 284 points at 39,899 while the Nifty 50 gained 91 points to 11,962. All sectoral indices at the National Stock Exchange were in the green during morning hours.

Among stocks, home finance lender DHFL jumped over 5 percent after the company paid investors and depositors part of repayments due after missing the deadline last week.

Britannia was up 2.7 percent while Power Grid and Yes Bank traded over 2 percent. Tata Steel and Bharti Infratel too were up 1.9 percent.

But shares of J&K Bank slumped over 13 percent after the Jammu and Kashmir government removed Chairman Parvez Ahmad, and Anti-Corruption Bureau carried out a raid at the lender’s corporate office in connection with alleged fraudulent appointments.

Shares of Reliance Power traded 12 percent after the company reported a net loss of Rs 3,559 crore in the fourth quarter of FY19 compared to a profit after tax of Rs 189 crore in Q4 FY18.

Meanwhile, Asian stock markets climbed on Monday after the United States dropped its threat to impose trade tariffs on Mexico in a deal to combat illegal migration from Central America.

Tokyo’s Nikkei gained 1.1 percent while shares in Hong Kong and Indonesia showed handsome gains.

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