Sensex kisses 31-month high on US jobs data
The benchmark Sensex of the Bombay Stock Exchange witnessed its highest intra-day gain in last three months on Monday, on strong global cues, as the index rose 339 points, or 1.9 per cent, to close at a 31-month high of 18,560. HT reports.business Updated: Sep 06, 2010 22:43 IST
The benchmark Sensex of the Bombay Stock Exchange witnessed its highest intra-day gain in last three months on Monday, on strong global cues, as the index rose 339 points, or 1.9 per cent, to close at a 31-month high of 18,560.
The Nifty of the National Stock Exchange also gained 1.8 per cent to close at 5,577.
Markets witnessed steady gains during the day as global markets traded strong. Taking off from a strong Friday trade in the US where Dow Jones closed with a gain of 1.2 per cent on the back of a better-than-expected jobs data for August, Asian markets opened strong. The momentum continued in Europe, where markets were trading in the black at the closing of Indian markets.
"The movement today is a larger impact of the global factors as good news abroad suggests that FII flows in India will strengthen and raises investor sentiment," said Sanjay Sinha, CEO, L&T Mutual Fund.
Japan's Nikkei rose 2.1 per cent, while the Shanghai Composite of China and the Hang Seng of Hong Kong rose 1.5 and 1.8 per cent respectively.
It was a broadbased rally in the Indian markets with gains spread across all sectors and even across the small-cap and the mid-cap indices at the BSE that rose by 1.8 per cent and 1.3 per cent respectively.
The metal and banking indices were the top gainers. Among Sensex companies, Tata Steel and Hindalco were the biggest gainers of the day with 6.6 per cent and 4.8 per cent respectively.
The benchmark Sensex has risen by 590 points, or 3.3 per cent, in the last four trading sessions in September and foreign institutional investors have pumped in R1,700 crore during the same period.