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Nifty above 11,850 mark; Indiabulls Housing, IndusInd Bank stocks lead

Equity benchmark indices opened higher on Monday amid strong global cues coupled with investors awaiting the Union Budget this week.

The Indian local unit extended gains for the sixth session on the lower deficit, trade truce. The currency had opened at 68.95 a dollar and touched a high of 68.90.

The Sensex surged 238  points at 39,632, while the Nifty was up 67 points to trade at 11,856 levels.

Shares of Eveready Industries fell 5% on the NSE. Price Waterhouse resigned as statutory auditor of the company on June 28 citing its inability to analyze the impact of financial support extended by the battery maker to its promoter group entities.

Shares of Reliance Home Finance slipped 3% after the company failed to repay the principal obligations on its non-convertible debentures held by Reliance Mutual Fund, worth Rs400cr.

On the sectoral front, PSU Bank index is trading weak, while pharma, metal, auto shares surged 1% each.

NTPC, Dr. Reddy’s, Tata Steel and Indiabulls Housing are among major gainers on the indices, while losers are UltraTech Cement, IOC, GAIL and Titan.

The Volatility gauge, India VIX was down 1.77% at 14.68.

The most active stocks on the NSE are HDFC, Maruti, HDFC Bank, and IndusInd Bank.

Meanwhile, oil prices rose over $1 a barrel after Russia agreed with Saudi Arabia to extend supply cuts for another six to nine months ahead of an OPEC meeting this week.

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