Sensex rallies 300 points, Nifty tops 11,950 on strong global cues
NEW DELHI: Driven by gains in index heavyweights such as TCS, Infosys, Reliance Industries, HDFC and ICICI Bank, benchmark indices witnessed a gap-up start to Monday's session. Strong global cues kept the mood upbeat back home.
The possibility of an interest rate cut by Fed on the back of weak US jobs data and an aversion of Mexico tarriffs lent a vote of confidence to Asian markets which resonated back home.
Tokyo's Nikkei gained 1.1 per cent while MSCI's index of Asia-Pacific shares outside Japan rose 0.7 per cent, led by strong gains in Hong Kong and Indonesia.
Rupee rose as much as 5 paise to 69.41 against the dollar in early trade on Monday on account of selling in American currency by banks and importers.
At around 9:30 am, the 30-pack Sensex traded 286.24 points or 0.72 per cent higher at 39,902. Nifty was up 76.55 points or 0.64 per cent at 11,947, with 42 stocks in the black and eight in the red.
In the Sensex pack, 27 stocks gained while only three declined.
YES Bank was the biggest gainer, up around 3.43 per cent. Vedanta, Power Grid, IndusInd Bank and TCS were other gainers rising up to 2 per cent.