Global stocks rally on US jobs data
Bourses worldwide on Monday sustained a rally that began late last week, with the Bombay Stock Exchange’s benchmark Sensex ending the day on a six-week high of 17,102 points.business Updated: Mar 08, 2010 21:38 IST
Bourses worldwide on Monday sustained a rally that began late last week, with the Bombay Stock Exchange’s benchmark Sensex ending the day on a six-week high of 17,102 points.
The Sensex gained 108 points or 0.6 per cent on Monday.
The rise was in line with the buoyant Asian markets, which cheered improved US employment data that were published on Friday.
The broader Nifty at the National Stock Exchange (NSE) rose by 36 points or 0.7 per cent to close the day at 5,124.
“US closed strong on Friday after the employment data came in and that held the Asian markets today along the news of support for Greece,” said Gaurav Dua, head of research at Sharekhan.
French President Nicolas Sarkozy’s promise of European support for Greece to had its impact as the Asian markets saw a strong showing. While Japan was up 2.1 per cent, Hong Kong and Malaysian indices rose by 2 per cent and 1.9 per cent respectively.
“Support for Greece has improved the investor sentiment worldwide,” said the head of a private equity firm seeking anonymity.
The European markets had risen significantly on Friday, and opened strongly on Monday but moderated during afternoon trade. The premier index of UK, FTSE was down 0.4 per cent while Dax in Germany was down 0.2 per cent.
Back in India, strong auto sales data for February also supported the Sensex. The auto index was the maximum gainer; Mahindra & Mahindra and Hero Honda were the top gainers on the Sensex list, rising 4.3 and 3.1 per cent respectively.