Mumbai: Indian stock markets opened higher on Monday, buoyed by strong global cues and optimism over a possible US Fed rate cut later this month. The recent GST rate cut announcement also lifted sentiment.

The BSE Sensex jumped 296 points to 81,007, while the NSE Nifty gained 90 points to 24,831 in early trade. Tata Steel, Tata Motors, M&M, Adani Ports and UltraTech Cement led the gains, while Asian Paints, Trent, Airtel and Titan slipped.

Analysts said GST cuts could spur demand for automobiles and consumer durables from September 22, further boosting markets. Softer US jobs data has also raised expectations of a Fed rate cut on September 17.

Meanwhile, FIIs sold shares worth ₹1,305 crore on Friday, while DIIs bought ₹1,821 crore. Brent crude rose 1.2% to $66.29 a barrel.