SENSEX surges 500 pts in early trade on positive global cues, NIFTY50 tests 23,750; metal stocks rally

Stock market today: The domestic equity market opened with decent gains on Monday, December 23, on encouraging global cues and buying in almost all sectors.

At 9:28 AM, the S&P BSE SENSEX was trading at 78,524.92, up 483 points, or 0.62%, while the NSE's NIFTY50 index was trading at 23,733.45, up 146 points, or 0.62%.

Out of 50 components of the NIFTY50 index, 37 advanced, while 13 declined.

The top five gainers on the index were JSW Steel, HDFC Bank, Shriram Finance, Hindalco, and Bajaj Finance.

The top five losers were HDFC Life, SBI Life, NTPC, Eicher Motors, and Hero MotoCorp.

Metal stocks rallied in trade as, according to a government notification, India has initiated a probe into an alleged increase in imports of certain steel flat products into the country following a complaint from the Indian Steel Association.

The NIFTY METAL index was trading at 8,888.80 levels, up 0.86%. Out of 15 constituents, 10 were trading in the green, and the other five in the red.

It has replaced JSW Steel.

Broader Market

The BSE MidCap index was trading at 46,204.83, down 21.67 points, or 0.05%, while the BSE SmallCap index was trading at 54,781.43, down 368 points, or 0.67%.

Global Markets

On the global front, Asian shares rallied on Monday after a benign reading on US inflation restored some hope for further policy easing next year, while there was relief that Washington had averted a government shutdown.

Wall Street had rallied on Friday when a key gauge of core US inflation printed lower than expected at 0.11%, providing a partial antidote to the Fed's hawkishness earlier in the week.

MSCI's broadest index of Asia-Pacific shares outside Japan was trading 0.3% higher.

Japan's Nikkei gained 0.7% and South Korea firmed 0.9%.

S&P 500 futures added 0.3%, while Nasdaq futures firmed 0.4%. The S&P 500 fell almost 2% last week and the Nasdaq 1.8%, though the latter is still up 30% for the year.