Stock markets update: Equity benchmark indices opened higher in early trade on Monday amid positive global cues. In the early trade, the 30-share BSE Sensex climbed 450 points to 74,081.79. Meanwhile, the Nifty was trading at over 22,550 points.
From the Sensex basket, Kotak Mahindra Bank jumped over 4 per cent after the company reported a 25 per cent growth in its March quarter net profit at Rs 5,302 crore, limited by a drop in the core income due to narrow interest margins.
Tata Consultancy Services, JSW Steel, IndusInd Bank, ICICI Bank, Wipro and Axis Bank were among the other major gainers. Titan, State Bank of India, Power Grid and Larsen & Toubro were the laggards. In Asian markets, Shanghai and Hong Kong were trading in the positive territory. Wall Street ended with significant gains on Friday.
Rupee against dollar
The rupee appreciated 3 paise to 83.42 against the US dollar in early trade on Monday, supported by a firm trend in domestic equities. Forex traders said the strength of the American currency in the overseas market and foreign fund outflows weighed on the local unit and restricted the up move. At the interbank foreign exchange market, the local unit opened at 83.43 against the greenback. It later touched 83.42 in initial trade, registering a rise of 3 paise from its previous close.
(With PTI inputs)
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