Nifty above 18,400, Sensex rises 350 points

MUMBAI:

Benchmark indices were trading higher in the afternoon session with Nifty above 18400.The Sensex was up 369.32 points or 0.60 per cent at 62,397.22, and the Nifty was up 99.60 points or 0.54 per cent at 18,414.40. About 1,799 shares advanced, 1,422 shares declined, and 155 shares were unchanged.

Nifty Bank index rose 0.5% led by Bandhan Bank, Bank of Baroda, IDFC First Bank.

Asian stocks started cautiously on Monday as investors braced for a China policy rate decision and economic data this week, while awaiting a host of U.S. Federal Reserve officials to speak to vindicate market pricing of rate cuts this year.

Early action was sluggish following a report on Friday showed U.S. consumer sentiment slumped to a six-month low in May and long-term inflation expectations jumped to the highest since 2011, boosting the U.S. dollar and Treasury yields.