Sensex Rises on Global Cues; Metals Stocks Surge

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The BSE Sensex and Nifty rose for the second consecutive session on Monday, led by metals and mining firms such as Tata Steel on expectations the government would pass executive orders to ease land acquisition rules and auction minerals such as iron ore.

The cabinet will meet later in the day to discuss the executive orders, called ordinance, government officials said.

Any new measures would come after Prime Minister Narendra Modi’s government last week passed orders to let foreign firms raise their stakes in insurance ventures and allow commercial mining of coal.

Gains were also helped by a rally in US share markets on Friday and stronger Asian stocks on Monday.

The benchmark Sensex closed 0.57 per cent higher at 27,395.73, while the broader Nifty ended 0.56 per cent up at 8,246.30.

Metals stocks gained with Tata Steel closing 1.5 per cent higher.

Among other blue-chips, Oil and Natural Gas Corp ended 0.7 per cent higher after crude oil prices recovered from multi-year lows.