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Benchmark indices BSE Sensex, NSE Nifty advanced on Monday amid signs of easing tensions between Ukraine and Russia and Iraq and Islamic State of Iraq and Levant (ISIS).
The BSE benchmark, the Sensex was trading 156.44 points or 0.62% higher at 25,485.58 points, while the NSE's Nifty was trading 42.25 points or 0.56% higher at 7,610.80 points 10.45 am IST. US President Barack Obama on Saturday said that US air strikes had destroyed ISIS' arms which they could have used against Iraqi Kurds. Meanwhile, the pro-Russia separatists called for a truce with the Ukrainian Government.
Experts say Global Emerging Market (GEM) funds remain 'overweight' India. "Over the past two weeks we have met with nearly sixty investors. The overwhelming consensus is bullish on India and practically every investor we met was OW India," BofA-ML analysts said in a report.
Among sectoral indices, the BSE Realty (2.27%), BSE Auto (1.91%) and BSE Capital Goods (1.10%) were among the major gainers. Realty stocks gained after Securities and Exchange Board gave its nod to Real Estate Investment Trusts (REITs) on Sunday. Among Sensex stocks, M&M (4.55%), Tata Motors (2.84%) and Infosys (1.66%) were trading in the green.
Most Asian indices were trading in the green. The Nikkei (2.35%), Hang Seng (1.21%), Kospi (0.58%), Straits Times (0.75%), Jakarta Composite (0.79%), Shanghai Composite (1.14%) and Taiwan Taiex (1.01%) were trading higher.