Sensex soars 460 pts, Nifty regains 7,800-mark on global cues
The benchmark BSE Sensex recouped about 326 points and the broader NSE Nifty touched the 7,800-mark in Monday’s early trade on the back of buying by foreign funds and retail investors amid mixed Asian markets.business Updated: May 09, 2016 16:49 IST
Market benchmark Sensex on Monday zoomed over 460 points -- its biggest single-session gain in nearly four weeks -- to end at 25,688.86 and the broader NSE Nifty recaptured the 7,800-mark on a flurry of buying by foreign funds and retail investors amid a firm trend overseas.
Besides, a string of encouraging earning numbers so far, raising hopes of an improvement in the country’s economy, buoyed trading sentiment.
Buying also kicked up after a soft US jobs report gave investors hope that the Federal Reserve would keep any future interest rate hikes small and slow.
The Sensex opened strong at 25,321.83 and continued to rise to hit the day’s high of 25,709.68. Finally, it settled at almost two-week high of 25,688.86, gain of 460.36 points or 1.82% -- its biggest single-day gain since April 13.
The 50-share NSE Nifty reclaimed the 7,800-mark to hit a high of 7,873.65 before winding up at 7,866.05, a hefty rise of 132.60 points or 1.71%.
From the 30-share Sensex pack, 26 scrips ended higher.
Bajaj Auto emerged as the top gainer from the index by climbing 3.78% to Rs 2,527.95 while Axis Bank jumped 3.41% to Rs 477.25.
Mortgage lender HDFC continued its winning streak for yet another session, largely on the back of upbeat fourth quarter earnings, surging 3.12% to Rs 1,204.
Globally, European markets climbed at the open after Greek lawmakers adopted further austerity measures as Athens bids to unlock more bailout money.
From Asia, Japan’s Nikkei surged 0.68% while Hong Kong’s Hang Seng rose 0.23%. However, Shanghai composite index sank 2.79% on another disappointing Chinese trade data.