Indian stock markets started the week strong on Monday, buoyed by Friday's report on U.S. personal income and spending. The report indicated a slightly lower-than-anticipated increase in U.S. consumer prices for February.
During the early trading, the S&P BSE Sensex, a prominent market index, rose by 545 points equivalent to a 0.7 percent increase, landing at 74,194. Simultaneously, the broader NSE Nifty index grew by 184 points, or 0.8 percent, to 22,510.
The metal stocks experienced a positive boost after an official survey showed an expansion in China's manufacturing purchasing managers index in March, marking the first time since September. Consequently, Hindalco, Tata Steel, and JSW Steel saw their shares climb by 2-3 percent.
Construction company NCC's shares rose by 4 percent following the news of it securing new orders worth Rs 3,086 crores in March 2024. Meanwhile, Jubilant Ingrevia's shares also increased, growing by 1.5 percent after inaugurating a new Diketene derivatives' production facility in Uttar Pradesh.
Prestige Estates witnessed a surge of over 4 percent in its shares after announcing a strategic partnership with the Abu Dhabi Investment Authority (ADIA) and Kotak AIF. IT giant Infosys also gained more than 1 percent on the news of a massive tax refund of Rs 6,329 crore.
Lastly, Rail Vikas Nigam Limited (RVNL) saw its shares rally to 3.4 percent after emerging as the lowest bidder for three contracts worth $7.15 million.
