Sensex Rises 260 Points, Nifty Above 10850, Vedanta Shares Up 6%

On Monday BSE Sensex and NSE’s Nifty 50 rose amid mixed cues from global markets and hopes of easing regulatory norms after new RBI chief appointment. Asian stocks began the week on a cautious note after soft economic data from China and Europe added to evidence of cooling global growth.

US equity futures edged up with stocks in Japan and Australia, while shares slipped in Shanghai and Hong Kong. Oil prices climbed after US drilling activity fell to its lowest level in about two months.

Jet Airways shares down 4% as SBI order forensic audit of books
Jet Airways shares fell as much as 4.1% to Rs 249.05 per share after Mint reported that the State Bank of India (SBI) has ordered a forensic audit of the books of Jet Airways (India) Ltd to examine the feasibility of restructuring its debts and identify potential red flags in accounts.

The audit has been awarded to EY LLP, which will probe the troubled airlines’ books between 1 April 2014 and 31 March 2018.

Rupee gains against Us dollar
The Indian rupee strengthened marginally against the US dollar after India’s trade deficit narrowed from a month ago due to sharp fall in gold imports. At 9.15am, the rupee was trading at 71.84 a dollar, up 0.08% from its Friday’s close of 71.90.

The currency opened at 71.85 a dollar. The 10-year government bond yield stood at 7.438% from its previous close of 7.441%. So far this year, the rupee has declined 11%, while foreign investors have sold $4.55 billion and $7.36 billion in the equity and debt markets, respectively.

Vedanta shares surge 6% after NGT allows reopening of Sterlite copper smelter
Vedanta shares rose as much as 6.5% to Rs 214.25 per share after the National Green Tribunal on Saturday ordered the reopening of Sterlite Industries Ltd’s copper smelter plant in Tamil Nadu’s Thoothukudi.

Months after the smelter was ordered shut by the Tamil Nadu government over alleged pollution that led to violent protests and culminated in police opening fire on demonstrators and killing 13. The Tamil Nadu government will move the Supreme Court against the NGT’s order.

Asian stocks mixed as sell-off eases
Stocks in Asia opened mixed, following two weeks of losses driven by a backdrop of uncertain trade conditions and signs that some key economies are slowing.

Treasury yields steadied just below 2.90 percent. U.S. equity futures edged up with stocks in Japan and Australia, while shares slipped in Shanghai and Hong Kong. Treasuries held last week’s gains and the yen was steady after a bout of risk aversion that hammered global equities in recent sessions.

Japan’s Topix index added 0.3 percent as of 11:20 a.m. in Tokyo. Shanghai Composite Index was down 0.5 percent. Hang Seng Index down 0.3 percent. Australia’s S&P/ASX 200 Index rose 0.1 percent. Futures on the S&P 500 rose 0.3 percent. The S&P 500 Index fell 1.9 percent on Friday.

Max India shares up over 6%
Max India shares rose as much as 6% to Rs 85.50 per share after Mint reported that Private equity firm True North Managers LLP is close to buying out Analjit Singh-promoted Max India Ltd’s entire 51% stake in standalone health insurer Max Bupa Health Insurance Co. Ltd.

Gold prices inched down on Monday ahead of a US Federal Reserve meeting this week, pressured by a robust dollar as investors outside the US sought the safety of the greenback amid global growth concerns. Spot gold had slipped 0.2 percent to $1,236.30 per ounce.

Prices on Friday hit their lowest since Dec. 4 at $1,232.39. U.S. gold futures were down 0.1 percent at $1,239.3 per ounce.

Oil prices climbed after US drilling activity fell to its lowest level in about two months, but increasing concerns about weaker growth in major economies kept a lid on gains.

International Brent crude oil futures were at $60.37 per barrel, up 9 cents, or 0.2 percent, from their last close. US WTI crude futures were at $51.44 per barrel, up 24 cents, or 0.5 percent.