Sensex rises 338 points, Nifty tops 11,500

New Delhi: Markets opened in the green on Monday led by gains in Banking and financial stocks amidst positive global cues.

The BSE Sensex rose 337.57 points or 0.87 percent to 39,034.62 in early trade while the NSE Nifty edged higher by 96.70 points or 0.85 percent to 11,513.65.

TCS was the major gainer in the Sensex pack rising upto 4.56 percent. India's largest IT services firm said that its board will meet later this week to consider a share buyback proposal. In 2018, the Mumbai-based company had undertaken a share buyback programme worth up to Rs 16,000 crore. The buyback, at Rs 2,100 per equity share, had entailed up to 7.61 crore shares. In 2017 too, TCS had undertaken a similar share purchase programme.

Other gainers were IndusInd Bank, TCS, Tata Steel, ICICI Bank, Asix Bank, Bajaj Finance, Bajaj Finserve, HCL Tech, HDFC Bank, Infosys, SBI and Kotak Bank, rising upto 4.16 percent.

The BSE, the NSE, forex, money and bullion markets were closed on Friday on account of Gandhi Jayanti. The 30-share BSE Sensex soared 629.12 points or 1.65 per cent to close at 38,697.05 on Thursday while the broader NSE Nifty advanced 169.40 points or 1.51 per cent to finish at 11,416.95.

S&P 500 e-mini futures rise 0.82% in Asian trading, while Nasdaq futures gained 1.11%. MSCI`s broadest index of Asia-Pacific shares outside Japan rose 0.63%. Australian stocks jumped 2.37% for the biggest daily gain in almost two weeks. Japan`s Nikkei rose 1.39%. China`s financial markets are closed for a public holiday.