Sensex surges over 300 points in early trade; Nifty tops 11,300

Mumbai: Benchmark Sensex jumped over 300 points in early trade on Monday, led by gains in index majors HDFC twins, L&T and Kotak Bank amid sustained foreign fund inflow and positive cues from global markets.

The BSE Sensex was trading 317.68 points or 0.84 per cent higher at 38,358.25; while the NSE Nifty was up 92.05 points or 0.82 per cent at 11,306.10.

M&M was the top gainer in the Sensex pack, rallying over 4 per cent, followed by L&T, Kotak Bank, SBI, Bajaj Finance, Sun Pharma, ITC and HDFC duo.

On the other hand, Maruti, Tata Steel and Nestle India were the laggards.

In the previous session, the Sensex had settled just 15.12 points or 0.04 per cent higher at 38,040.57, while the Nifty rose 13.90 points or 0.12 per cent to finish at 11,214.05.

Exchange data showed that foreign institutional investors bought equities worth Rs 397.32 crore on a net basis on Friday.

According to traders, market sentiment was positive tracking firm cues from other Asian indices and consistent foreign fund inflow.

Bourses in Shanghai, Hong Kong and Seoul were trading on a positive note, while Tokyo was closed for a holiday.

Global oil benchmark Brent crude was trading 1.06 per cent higher at USD 44.87 per barrel.