|Key indices on Monday opened in green. The benchmark BSE Sensex opened 200 points higher to open at 34203.34 while the NSE Nifty gained over 70 points to trade above 10,500. |
The BSE market breadth was bullish as 1,028 stocks advanced as against 224 declines.
At 10:00 AM, Sensex was up by 0.34% to trade at 34,120.03 points while Nifty was at 10,495.05.
Meanwhile, the rupee recovered by 15 paise to 64.25 against the dollar in opening trade today on fresh selling of the US currency by exporters and banks amid a higher opening in domestic equity markets.
Forex dealers said the dollar's losses against major global currencies overseas after last week's rally supported the rupee.
Asian share markets found a semblance of calm on Monday as S&P futures extended their bounce, though bond investors were still fretting about the risks from looming U.S. inflation data.
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.8 per cent, having suffered a 7.3 per cent drubbing last week.
Both South Korea and China gained 0.8 percent, while Japan's Nikkei was closed for a holiday.
E-Mini futures for the S&P 500 rose 0.5 per cent, adding to a late bounce on Friday. Yet a relatively sharp 12 tick drop in Treasury bond futures suggested it was too early to sound an all-clear on volatility.
"A massive buildup in market leverage has been partially unwound in the blink of an eye and morphed into something far more broad-based," said Chris Weston, chief market strategist at broker IG.
"One could argue that it is the U.S. bond market that is the driving force, and will remain so through this coming week."Particularly challenging will be U.S. consumer price data on Wednesday given it was fears of faster inflation, and thus more aggressive rate rises, that triggered the global rout in the first place.
Median forecasts are for consumer price inflation to slow a little to 1.9 per cent in January, mainly due to the base effect of a high reading in January 2017, while the core measure is seen ticking down to 1.7 per cent.