FX.co ★ Sensex, Nifty Open Higher After Powell's Dovish Comments

Indian share markets opened positively on Monday, responding to remarks from Federal Reserve Chair Jerome Powell about upcoming policy adjustments.

In early trading, the S&P/BSE Sensex climbed by 572 points, or 0.7%, reaching 81,659, while the NSE Nifty index increased by 157 points, or 0.6%, to 24,980.

ONGC saw a near 2% rise after announcing the commencement of a new well in its flagship deep-sea project in the Krishna Godavari basin of the Bay of Bengal. Reliance Industries experienced a 0.8% uptick ahead of its Annual General Meeting next week. Jio Financial Services gained close to 1% following approval to increase its foreign investment cap to 49%.

Alembic Pharma surged 2.3% upon receiving final approval from the FDA for its Abbreviated New Drug Application (ANDA) for Betamethasone Valerate Foam. Ashoka Buildcon advanced 1.8% as it was identified as the lowest bidder for a project by the Mumbai Metropolitan Region Development Authority.

Companies owned by Anil Ambani continued to decline after the Securities and Exchange Board of India (SEBI) imposed a five-year ban on him and 24 others. Consequently, shares of Reliance Power and Reliance Home Finance dropped by around 5%.

Transport Corporation of India fell by 6% despite announcing its first-ever buyback of equity shares worth up to Rs. 160 crores.