(Reuters) – Indian shares opened higher on Monday, led by information technology stocks after strong U.S. jobs data dispelled worries of a recession.
The Nifty 50 index was up 0.43% at 25,121.8 points as of 9:18 a.m. IST, while the S&P BSE Sensex gained 0.29% to 81,926.99.
A five-session losing run saw the indexes slump 4.5% last week in their worst week in over two years as concerns about the deepening conflict in the Middle East continued to rattle investors, while rising foreign outflows also weighed.
However, strong U.S. labour market data after India market hours on Friday eased concerns of a likely recession in the world’s largest economy, boosting investor sentiment.
Asian markets opened higher on the day, with the MSCI Asia ex-Japan index rising 0.35%. [MKTS/GLOB]
Domestically, the broader, more domestically focused small- and mid-caps rose about 0.5% each.
All 13 major sectors logged gains.
IT companies, which earn a significant share of their money from the U.S., advanced 1% on rising expectations of a soft landing for the world’s largest economy.
Among individual stocks, HeidelbergCement India climbed 10% on a media report that Adani group is in talks to acquire the cement manufacturer.
Jio Financial Services rose 3% after the company and BlackRock got the markets regulator’s approval to set up a mutual fund business. ($1 = 83.9630 Indian rupees)
(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Abinaya Vijayaraghavan and Savio D’Souza)
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