Sensex, Nifty on Monday morning started on a positive note amidst positive global cues. Frontline indices the S&P BSE Sensex rallied over 300 points, whereas Nifty50 gained over 50 points to trade above 18,600 levels.

The strength spilled to broader indices as well, with the S&P Midcap, and S&P Smallcap indices gaining up to 0.7 per cent.

Global Cues

Globally, the US markets closed higher on Friday after investors cheered the debt ceiling bill, and strong jobs report. Major averages – Dow Jones, the S&P 500, and NASDAQ Composite surged up to 2 per cent.

Following similar footsteps, Asia-Pacific markets largely rose this morning, with Nikkei 225, Topix, Kospi, and the S&P 200 indices gaining up to 1 per cent.

That apart, in the commodities market, prices of Brent Crude, and WTI Crude advanced 1 per cent each to $77 per barrel, and $72 per barrel, respectively, after top oil exporter Saudi Arabia announced voluntary production cuts despite no change from OPEC+ for 2023.