The Indian equity benchmarks traded in a positive direction on Monday, with Sensex gaining over 110 points, following gains in index majors M&M, Reliance Industries, and HDFC twins amid a mixed trend in global markets.

After opening on a weak note, the Sensex rose 111.88 points or 0.19% to 58,499.81 in morning deals. The Nifty gained 25.70 points or 0.15% to 17,423.20.

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Major gainers from the Sensex pack were M&M up by 2.07%, IndusInd Bank up by 1.78%, NTPC up by 1.64%, HDFC Bank up by 1.42%, Bajaj Finserv up by 1.38%, Reliance up by 1.38%, Maruti Suzuki up by 0.95% and HDFC up by 0.86%.

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Among the laggards were SBI down by 2.37%, Infosys down by 0.72%, Asian Paints down by 0.70%, Wipro down by 0.68%, and UltraTech Cement down by 0.66%.

“Growth impulses in India are strong. Leading indicators like bank credit growth, capacity utilization in manufacturing, automobile demand, etc., suggest an economy in the strong rebound” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

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“Financials, capital goods, and construction are on a strong wicket. Pharma and FMCG are stable. Robust jobs data in the US bodes well for the IT sector,” he added.

In Asia, markets in Tokyo and Shanghai were trading higher, while Seoul and Hong Kong were trading lower. On Friday, the US stock markets had ended mostly lower.

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On Friday, the Sensex ended 89.13 points or 0.15% higher at 58,387.93. The Nifty went up by 15.50 points or 0.09% to finish at 17,397.50.

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Brent crude, the international oil benchmark went higher by 0.21% to $95.12 per barrel.

According to the exchange statistics, foreign institutional investors remained net buyers in the capital markets as they bought shares worth Rs 1,605.81 crore on Friday. The rupee slipped 22 paise to 79.46 against the US dollar in early trade on Monday, following subdued sentiment in the domestic markets.