Sensex Rises Over 700 Points On Opening, Nifty Breaches 15,900; IT Stocks Up

Share Market Today: IT stocks were showing strong performance with Tech Mahindra and HCL being the top gainers. Wipro and Infosys were also among the top gainers at NSE.

Share Market Today | New Delhi: Indian share market opened in the green on Monday. Dalal Street showed bulls winning over bulls for the third consecutive session. Asian markets were showing a positive response after Wall Street rebounded strongly on Friday. As of 9:25 AM, Sensex was up 731 points or 1.39 per cent and was trading at 53,459.02. Nifty, on the other hand, was trading at 15,921.30, nearly 220 or 1.4 per cent above the last close.

IT stocks were showing strong performance with Tech Mahindra and HCL being the top gainers. Wipro and Infosys were also among the top gainers at NSE. However, Apollo Hospitals and Eicher Motors were the only stocks in the red. In Sensex, all the 30 stocks were in the green.

G7 In Focus

G7 leaders are meeting in Munich, Germany. Indian Prime Minister Narendra Modi is also attending the event. According to a latest tweet by POTUS Joe Biden, the G7 countries have decided to ban gold imports from Russia. After oil, gold is the second most exported commodity in Russia. Out of the total exports, 90 per cent are exported only to G7 countries, according to a report by the Associated Press.

Out of the total imports to G7 countries, the UK imports the majority of gold. The group is expected to make a formal announcement on Tuesday, the last day of the summit.

Oil Prices Ease

The oil prices eased by $1 per barrel on Monday as the G7 talks revolved around reviving the Iran deal. However, the fall may not last long as the geopolitical pressures continue to mount.