Sensex soars 400 points; auto, banking stocks rise

The key Indian equity indices traded on a positive note on Monday morning with the BSE Sensex gaining over 400 points.

Healthy buying across sectors was led by auto, banking and oil & gas stocks. A rise in the Asian markets also supported the Indian indices.

Around 10.40 a.m., Sensex was trading at 37,822.68, higher by 434.02 points or 1.16 per cent from the previous close of 37,388.66.

It opened at 37,756.25 and has so far touched an intra-day high of 37,823.24 and a low of 37,544.05 points.

The top gainers on the Sensex so far were ONGC, Bajaj Finance and IndusInd Bank, while the only losers were Infosys and TCS.

The Nifty50 on the National Stock Exchange was trading at 11,163.80, higher by 113.55 points or 1.03 per cent from its previous close.

Manish Hathiramani, technical analyst with Deen Dayal Investments said: “The resistance level for the Nifty is at the 11,300-11,350 range. Until those levels are crossed on a closing basis, the index continues to remain bearish. The risk reward at this point in time is favourable as traders could strategise short positions for a target of 10,750 and a stop loss around the 11,350 level.”