The Sensex jumped more than 1,100 points in early trade on Monday, fueled by significant advances in index mainstays HDFC Bank and HDFC amid mixed trends in Asian markets.

The 30-share Sensex soared 1,143.78 points to 60,420.47 points in the early session, while the broader Nifty 50 gained more than 302.20 points to 17,972.65.

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HDFC’s shares rose 8.37% to Rs 2,656.10, while HDFC Bank’s stock rose over 8% to Rs 1,623.65. In a significant move, HDFC Ltd announced a merger with HDFC Bank.

According to a regulatory filing, subsidiaries/associates of HDFC Ltd would become subsidiaries/associates of HDFC Bank as a result of the merger.

The Sensex pack had 24 equities that were in the green, while 6 scrips were in the red.

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Other big gainers in the 30-share group outside the HDFC twins include Bajaj Finance, Kotak Mahindra Bank, Tech Mahindra, Titan, and Larsen & Toubro. Infosys, M&M, Maruti, ITC, and UltraTech Cement, on the other hand, were among the laggards.

Meanwhile, Asian markets were trading mixed, with the Nikkei 225 in Japan slightly lower, but Hong Kong’s key Hang Seng and South Korea’s Kospi indices were higher. On Friday, the US markets finished higher.

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The Sensex rose 708.18 points, or 1.21%, to settle at 59,276.69 points on Friday, the first trading day of 2022-2023. The Nifty also gained 205.70 points, or 1.18%, to close at 17,670.45 points.

The Sensex gained 1,914.49 points, or 3.33%, last week, while the Nifty gained 517.45 points or 3.01%.

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Aside from the RBI policy announcement on April 8, events related to the Russia-Ukraine crisis, crude oil movement, foreign capital flows, and PMI data for the manufacturing and services sectors are likely to affect investor mood.

On Friday, foreign portfolio investors invested a little more than Rs 1,909 crore in equities.

Meanwhile, Brent crude, the international oil benchmark, rose 0.15% to USD 104.55 a barrel. In early trade, the rupee falls 4 paise to 75.78 against the US dollar.