Led by strong global cues, Indian benchmark indices started on a positive note on the first day of the trading week. Sentiment across the Asia Pacific brought a boost after U.S. President Donald Trump signed the coronavirus stimulus bill worth USD 900 billion.

The  BSE Sensex traded 264 points higher at 47,238 while the NSE Nifty 50 index gained 84 points at 13833 at around 9.40 am. Among the sectoral indices, the Metal index has started off on a strong note, opening with gains of 1.2 percent. Other indices like Auto and the Pharma index are up 0.6 percent each while the PSU Bank index has gained 0.8 percent at the start of trade.

Broader markets are outperforming in the early minutes of trade. The Midcap index is up 0.7 percent while the Smallcap index is up 0.8 percent. Top gainers in early trade on Nifty are Tata Motors, JSW Steel, Tata Steel, Coal India and GAIL and IOC, while Asian paints, Hindustan Unilever and TCS  were losers.

NIIT shares be in the spotlight after its board approved buyback of 98.75 lakh equity shares of face value of Rs 2 each. The buyback price of Rs 240 per share is at a 20 pc premium to Thursday's closing price. The stock gained over 4 percent and hit its new one-year high. BEML shares also extended previous gains after the company's strategic sale shall be finalized today by the core group of secretaries on divestment.

What to Expect in the Markets This Week

Payment of 1 pc GST in cash only for firms with annual turnover of Rs 6cr

Indian stocks attract over 22-bn-dollar in 2020