Indian share markets surged more than half a percent in the morning trade shrugging off the weakness in Japanese market which was down over 2.5 percent. At 09.58 hrs IST, the Sensex is up 132.94 points or 0.67% at 19837.27, and the Nifty up 38.75 points or 0.65% at 6022.30. About 785 shares have advanced, 433 shares declined, and 57 shares are unchanged.

Key gainers in the Nifty were Reliance  (Rs 815.95, 3.75%), Bharti Airtel (Rs 308.05, 3.20%), Sun Pharma (Rs 997.00, 2.91%), IndusInd Bank (Rs 509.00, 2.16%), and Ranbaxy Labs (Rs 396.00, 1.62%). Laggards included Lupin (Rs 754.55, 1.96%), Mahindra and Mahindra (Rs 953.20, 1.54%), Bank of Baroda (Rs 683.10, 1.21%), Maruti Suzuki (Rs 1,656.00, 1.13%) and Bajaj Auto (Rs 1,788.40, 0.9%).

GLOBAL MARKETS ROUNDUP
Japan’s Nikkei index slid 3.0 percent in early trade on Monday, following on from a 3.5 percent slide last week in breath-taking volatility that no doubt left many investors shaken.

The dollar dipped against the yen in early Asian trade on Monday after marking its worst week in a year on Friday, as volatility in Japanese stocks and bonds pulled it well away from its highest level in 4-1/2 years.

Brent oil prices crept higher on Friday, as traders exited short positions ahead of a long holiday weekend in the United States, but the weekly percentage drop was still the biggest in more than a month.

U.S. Treasuries prices edged up on Friday as traders evaluated the likelihood of the U.S. Federal Reserve pulling back on bond purchases this year and whether the recent selloff was overdone.

    LOCAL MARKETS PREVIOUS CLOSE
* BSE index 19,704.33 (0.15 pct)
* NSE index 5,983.55 (0.28 pct)
* Rupee 55.63/64 per dollar (55.59/60)
* 10-year bond yield 7.34 pct (7.38 pct)
* 5-year OIS rate 6.76 pct (6.78 pct)
* 1-year OIS rate 7.09 pct (7.11 pct)
* Call money 7.30/7.35 pct (7.20/7.30 pct)

India’s main BSE index gains 0.64 percent and the broader NSE index is up 0.63 percent. Shares in Reliance Industries Ltd gain 3.4 percent after the conglomerate and its partners said they had made a significant gas discovery in the KG-D6 block off India’s east coast.

Coal India Ltd shares also up 1.2 percent ahead of its March-quarter earnings later in the day. * However, Crompton Greaves Ltd falls 1.3 percent in pre-open trade on Monday after the company said its Jan-March net profit fell 75 percent to 252.7 million rupees, missing forecasts according to analysts.

Traders keeping an eye on flows, after foreign institutional investors (FIIs) sold 2.38 billion rupees of stocks on Friday, snapping a record streak of 26 consecutive sessions of net purchases.