Sensex Up Over 400 Points; Nifty Nears 11,900

(RTTNews) - Indian shares opened higher on Monday, tracking firm cues from other Asian markets after data showed China's economy recovered further from the coronavirus in the third quarter.

Optimism about some progress on U.S. stimulus talks and expectations of a coronavirus vaccine by year-end also boosted sentiment.

Closer home, the benchmark S&P BSE Sensex rallied 427 points, or 1.1 percent, to 40,409 in early trade, while the broader NSE Nifty index was up 111 points, or 0.9 percent, at 11,873.

Jet Airways jumped 5 percent after the committee of creditors of the airline approved a revival plan.

Britannia Industries and HDFC Life Insurance Company rose over 1 percent ahead of their earnings results.

Prestige Estates Projects rose half a percent. The realty firms said it has agreed to sell certain office, retail and hotel properties to global investment firm Blackstone.

HDFC Bank gained 1.2 percent after reporting better-than-expected numbers in the September quarter.

DLF advanced 1.4 percent after its rental arm DCCDL raised Rs 2,400 crore debt from SBI to refinance its existing debt and fund future expansion plans.

Reliance Industries added 1.3 percent. The company said it has received the subscription amount of Rs 5512.50 crore from Gamnat Pte. Ltd. and Lathe Investment Pte. Ltd. (GIC).

U.S. stocks fluctuated before ending mixed on Friday as upbeat retail sales and consumer sentiment data offset concerns over a surge in new coronavirus infections in Europe, the Americas and parts of Asia.

The Dow Jones Industrial Average edged up 0.4 percent and the S&P 500 inched up marginally while the tech-heavy Nasdaq Composite dropped 0.4 percent.

European markets rebounded on Friday as investors reacted to encouraging earnings results from the likes of LVMH Moët Hennessy Louis Vuitton and Daimler and an announcement from Pfizer that it could file in late November for U.S. authorization of a Covid-19 vaccine.

The pan European Stoxx 600 gained 1.3 percent. The German DAX climbed 1.6 percent, France's CAC 40 index rose 2 percent and the U.K.'s FTSE 100 advanced 1.5 percent.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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