Indian indices open on a positive note on the first trading day of the new fiscal year 2021-22. At around 9:18 am, Sensex traded higher by 406 points, while Nifty topped levels of 14800 points. Broader markets moved in line with their headline peers.
But ever increasing Covid 19 cases number could weigh negatively, as per Worldometer India reported 72,182 new cases in the last 24 hours.
Among Nifty sectoral indices all but the Realty index traded in the green, with maximum strength in the PSU Bank pack.
Stocks of Airtel, Vodafone Idea will be in focus as the telcos fail to clear the AGR dues as the deadline ends.
Meanwhile, Asian indices also traded higher with gains of over 1 percent on the Hong Kong's Hang Seng index.
In the oil markets, crude prices erased overnight losses with Brent futures surging about 0.5% to $63.03 a barrel and U.S. crude up 0.6% at $59.52. Investors are awaiting outcome of OPEC+ meet that will provide an insight on the production levels for May.