Equity benchmark indices swung higher during early hours on Monday with private banks witnessing handsome gains.
Asset managers indicated a steady decline in fresh Covid-19 cases as the possible reason for positive market sentiment.
At 10:15 am, the BSE S&P Sensex was up by 448 points or 0.92 per cent at 49,180 while the Nifty 50 advanced by 120 points or 0.82 per cent to 14,798.
Sectoral indices at the National Stock Exchange were mixed with Nifty PSU bank gaining by 2 per cent, private bank by 1.6 per cent and financial service by 1.4 per cent. But Nifty metal, IT and pharma slipped marginally.
Among stocks, agro-chemicals maker UPL jumped by 4.7 per cent to Rs 778.20 per share. IndusInd Bank was up by 3.1 per cent, ICICI Bank by 1.9 per cent, HDFC Bank by 1.6 per cent and Axis Bank by 1.4 per cent.
Among the other winners in early trade were State Bank of India, Bajaj Finserv, Bajaj Finance and home loan lender HDFC.
However, those which lost were Cipla, Sun Pharma, Tata Steel, JSW Steel, Titan, Bharti Airtel and Tata Consultancy Services.
Meanwhile, Asian share markets were mixed with MSCI’s broadest index of Asia Pacific shares outside Japan showing a rise of 0.2 per cent.
Japan’s Nikkei lost 0.7 per cent and touched its lowest since early January last week.