Sensex Rallies Over 700 Points In Morning Trade As Asian Shares Soar

The 30-share BSE Sensex gained 736.48 points to 61,790.77 till 12:15 pm on Monday. The broader NSE Nifty advanced 201.15 points to 18,270.15. Among the Sensex firms, IndusInd Bank, Mahindra and Mahindra Ltd, and Kotak Mahindra emerged as the top gainers with the gains of more than 1% to 5%.

Shares of Tata Motors and Bajaj Finance surged over 4% each in trade today till 12:17 pm.

Nifty Bank surged 605.9 points in opening trade to 43,267 at 12:18 pm on May 8. Nifty Midcap soared 285.4 points to 32,434.25.

Shares of Coal India declined 3.01% after the company on May 7 announced 18% decline in net profit to Rs 5,528 crore in Q4 of financial year 2023 amid surging provisions towards wages. However, it witnessed a 62% growth in profit after tax to Rs 28,125 crore as against Rs 17,378 crore declared in FY 2022.

Adani Enterprises shares witnessed a decline of 1.93% to 1883.20 apiece in morning trade.

Meanwhile, Asian shares rallied on Monday after a chaotic week for financial markets ended Friday with a rally in risk assets, according to BQ Prime. Stocks rallied firmly higher in Hong Kong, with financial shares among those advancing strongly. Benchmark indexes also climbed in South Korea and Australia, where a gauge of financial shares rose around 1%, led by Westpac Banking Corp.'s gain of about 3% after first-half net profit net profit that was slightly ahead of analyst estimates, added BQ Prime report.