Sensex rose over 160 points in opening trade on Monday, tracking advances in index giants RIL, ICICI Bank, and ITC amid a mixed pattern in global markets.

In early trading, the BSE benchmark was up 159.56 points at 53,067.49. The NSE Nifty also rose 45.4 points to 15,797.45.

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However, the indexes were unable to retain their gains and became volatile in the early trading.

IndusInd Bank, ITC, Reliance Industries, Sun Pharma, ICICI Bank, Nestle, Hindustan Unilever, and Maruti Suzuki were among the Sensex pack’s early gainers.

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Among the laggards were Tata Steel, TCS, Mahindra & Mahindra, Wipro, Infosys, Tech Mahindra, and HDFC.

In other Asian markets, Tokyo and Shanghai were trading higher, while Seoul and Hong Kong were trading down.

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Wall Street stocks recovered from a sluggish start and finished widely higher on Friday, though the gain was insufficient to reverse the week’s losses. The S&P 500 increased 1.1% after falling 0.9% in the first half. The rise ended the benchmark index’s four-day losing streak, but it still produced its fourth losing week in the previous five. The Dow Jones jumped 1%, while the Nasdaq gained 0.9% after a sell-off in technology sectors calmed.

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“Investors should exercise caution because global trends, crude oil movement, and FII activities may have an impact on market volatility,” Mohit Nigam, Head – PMS, Hem Securities.

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Foreign institutional investors (FIIs) sold shares worth a net Rs 2324.74 crore, while domestic institutional investors (DIIs) purchased shares worth a net Rs 1310.71 crore in the Indian equity market on July 1, as per provisional data available on the NSE.  

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Meanwhile, Brent crude, the international oil benchmark, fell 0.13% to USD 111 a barrel. In early trade on Monday, the rupee fell 9 paise to 79.03 against the US dollar, as continued foreign money outflows impacted market sentiment.