Sensex up in morning trade, BSE IT index gains

MUMBAI: Domestic equity markets made gains during the early trade on Monday, with heavyweights like Reliance Industries, Tech Mahindra and HDFC Bank contributed to the uptrend.

Key indices Sensex gained 151 points to 59,405.17 while Nifty went down 81 points to 17,494.35 during the early trading sessions on Monday.

Tech Mahindra, Adani Enterprises, Adani Ports, Hindalco Industries and Apollo Hospitals were among major gainers on the Nifty. IndusInd Bank, Nestle India, Titan Company were among the laggards.

On Friday, the key BSE index tumbled 671.15 or 1.12 per cent to 59,135.13. The index of NSE dropped 176.70 points or 1 per cent to 17,412.90.

In Asian markets, Hong Kong's Hang Seng was up 335 points, Japan's Nikkei dropped 454 points, China's Shanghai SE surged 14 points and Thailand Set was trading in positive territory.

In US markets, Dow Jones declined 345 points, S&P lost 632 points, Nasdaq dropped 199 points and NYSE Composite lost 246 points as Asian markets opened on Monday.

In European markets, key indices BEL-20 and CAC 40 were trading in the positive territory, Deutsche Borse dropped 205 points, FTSE 100 lost 131 points and IBEX lost 138 points.

Shares in Europe and Asia tumbled on Friday, as investors awaited the closely watched February non-farm payrolls report from the US that could further determine the direction on the Federal Reserve's rate hikes ahead.

Meanwhile, investors wait for India's consumer inflation data for February, which will be unveiled today. The annual consumer price inflation in India accelerated to 6.52% in January of 2023, the highest in three months, compared to 5.72% in December.

Asian stocks were trading lower on Monday as US regulators planned to backstop both depositors and financial institutions, pertaining to and associated with Silicon Valley Bank (SVB).

SVB last week was shuttered by regulators, after customers withdrew a whooping USD 42 billion by the end of Thursday. The news had sent ripples across the globe.

Union minister Rajeev Chandrasekhar on Monday said he would meet Indian startups this week to understand the impact of SVB Financial's collapse on them and how the government can help during the crisis.

"The @SVB_Financial closure is certainly disrupting startups across world. Startups are an imp part of #NewIndia Economy," Union Minister of State for Entrepreneurship, Skill Development, Electronics and Technology Chandrasekhar said in a tweet.

Tech Mahindra on Saturday announced Mohit Joshi, President of Infosys, would become their next CEO and Managing Director, effective from December 20. Joshi's appointment comes after he resigned from Infosys on March 11 after 22 years with the company.