Stock market: Sensex extends gains, Nifty above 10,350 mark

Stock market indices are trading higher in the late afternoon trade by gains in banking and OMC stocks.

At 11:45 am, Sensex was up 181.48 points at 34,558, while Nifty is up 61 points at 10, 377.50. 

About 974 shares have advanced, 1243 shares declined, and 1071 shares are unchanged. 

Among individual stocks, oil marketing companies (OMCs) are trading higher after sliding for two days. HPCL is ruling nearly 7 per cent higher at Rs 176.25 levels while IOC has risen 4.5 per cent to Rs 123.35 levels. 

Meanwhile, investors will also keep an eye on the rupee as the day progresses. The Indian currency dropped by another 14 paise to 73.90 per dollar in early trade Monday as the US currency gained in global markets amid unabated foreign fund outflows.

Globally, shares in Asia stumbled in early trade on Monday as investors waited with bated breath as China’s markets prepare to reopen following a week-long holiday and after its central bank cut banks’ reserve requirements in a bid to support growth. MSCI’s broadest index of Asia-Pacific shares outside Japan was down 0.3 per cent, after major stock markets around the world fell for a second straight day on Friday.