Sensex Rallies Over 350 Points In Early Trade

Benchmark indices Sensex and Nifty began the trade on Monday on a firm note amid strong global cues. Asian stocks started with strong gains on May 29 while US stocks settled Friday's session with big rally.

The 30-share BSE Sensex rallied 366.36 points to 62,868.05 in early trade till 10:17 am on May 29. The NSE Nifty soared 85.7 points to 18,585.05 in morning trade till 10:18 am.

Among the Sensex firms, M&M rallied over 3% in morning trade to 1325.90 apiece. Shares of Hindalco, SBI Life Insurance, HDFC jumped over 1%.
Shares of ONGC and Sun Pharma turned out to be major laggards in morning trade with both losing over 3% and over 1% each.

Meanwhile, Japan's Nikkei jumped 1.48%, China's Shanghai soared 0.44%, Hong Kong's Hang Seng surged 0.18%, and South Korea's Kospi added 0.36%.

Prices of oil rallied in early Asian trade on Monday after US leaders arrived at a tentative debt ceiling deal, probably preventing a default in the world's largest economy and oil consumer. Brent crude futures surged 39 cents, or 0.5%, to $77.34 a barrel by 2317 GMT. US West Texas Intermediate crude was at $73.12 per barrel, up 45 cents, or 0.6%, according to reports.