Domestic stock markets started the week on a positive note as equities across Asia moved higher backed by gains in China. The S&P BSE Sensex index rose as much as 0.64 per cent - or 242.04 points - to touch 38,119.38 in the first few minutes of trade, and the broader NSE Nifty 50 benchmark climbed to as high as 11,248.90, up 0.63 per cent - or 70.5 points - from its previous close. However, the benchmark indices gave up most of those gains as losses in pharmaceutical and select banking stocks offset gains in IT and metal shares.
At 9:33 am, the Sensex traded 71.43 points (0.19 per cent) higher at 37,948.77 while the Nifty was up 21.10 points - or 0.19 per cent - at 11,199.50.
Government data released on Friday evening showed the country's trade deficit in goods stood at $4.83 billion in July, after its first trade surplus in over 18 years in the previous month.
Asian shares dozed near recent highs in quiet trade on Monday as investors waited to see if the recent selloff in longer-dated US Treasuries would extend, and maybe take some pressure off the beleaguered dollar.
MSCI's broadest index of Asia-Pacific shares outside Japan was last seen trading 0.64 per cent higher, though Japan's Nikkei 225 benchmark was down 0.62 per cent, having touched a six-month peak on Friday.
China's Shanghai Composite and Hong Kong's Hang Seng indices traded 2.08 per cent and 1.21 per cent higher respectively, but South Korea's KOSPI barometer was down 1.23 per cent.
Crude oil prices climbed higher on Monday, lifted by China's plans to ship in large volumes of US crude in August and September, outweighing concerns over a slowdown in demand recovery after the coronavirus pandemic and an uptick in supplies. Brent crude futures - the global benchmark for crude oil - was last up 0.50 per cent at $45.01 per barrel.
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