Sensex up 300 points as Asian markets surge, Wall Street and FTSE decline

India’s stock market indices opened higher on Monday morning, helped by positive cues from Asian peers and hopes of strong June quarter results, as the Sensex rallied 330 points in early deals to trade at 52,900 levels while the Nifty50 hovered around the 15,850-mark, up 92 points.

Banking giant HDFC is one of the 49 companies expected to post their quarterly results today.

Asian stocks traded positive on Monday as worries of China’s regulatory crackdown eased and stocks of Afterpay Ltd surged. All major indices in the region are trading in green with substantial profits.

Wall Street stock indices closed lower on Friday amid a slide in Amazon shares after the company reported its quarterly results. The S&P 500 fell 0.5 per cent, while the tech-heavy Nasdaq Composite slipped 0.7 per cent to 14,672.68. The Dow Jones Industrial Average dipped 0.4 per cent.

Amazon slid nearly 7.6 per cent after reporting its first quarterly revenue miss in three years, while Pinterest fell even further, down 18.2 per cent, after saying it lost monthly users during the three months ending 30 June.

London’s FTSE 100 declined on Friday as mining and travel stocks dragged the index while worries of rising coronavirus infections weighed again. The blue-chip index closed down around 46 points, or 0.6 per cent, at 7,032, off a session peak of 7,078 and a low of 6,996.

Stocks of International Consolidated Airlines group plummeted on the index and ended 7.5 per cent down, while Intertek shares dipped the most at almost 8 per cent.

The index ended the week marginally higher but lost 1.3 per cent in the month of July, snapping a winning streak of five consecutive months.

The mid-cap FTSE 250 index fell 0.4 per cent, slipping from record highs hit earlier in the week, but ended the month 2.5 per cent up.