Sensex zooms 611 points, Nifty ends above 10,400 on global rally

Sensex zooms 611 points, Nifty ends above 10,400 on global rally

Mumbai: The benchmark BSE Sensex on Monday spurted by 611 points — its biggest single-day gain since March, 2016 — to finish at one-week high of 33,917.94 following a relief rally in global markets on growing prospects of the US economy.

Investors lapped up recently battered metal, oil and gas, FMCG, banking, power, infrastructure, IT, auto, and capital goods stocks amid fresh capital inflows by foreign funds ahead of key IIP and inflation data to be released after market hours on Monday, brokers said.

After opening on a strong footing, the Sensex advanced to hit a high of 33,962.48 on the back of fresh buying by domestic funds and retail investors.

However, later it declined to touch as the day’s low of 33,468.16 before closing at 33,917.94, up by 610.55 points, or 1.83 per cent. The index posted its biggest single-day gain since March 1, 2016, when it had jumped 777.35.

The broader Nifty finished at 10,421.40, up 194.55 points, or 1.90 per cent. It touched a high of 10,433.65 points in day trade.

Brokers said fresh buying by investors ahead of inflation data to be released after market hours on Monday improved the market sentiment.

On a net basis, foreign portfolio investors (FPIs) bought shares worth Rs 550.36 crore while domestic institutional investors (DIIs) sold shares worth Rs 65.00 crore on Friday, provisional data showed.

Meanwhile, Asian and European markets extended their last weekend’s rally after a positive US jobs report boosted optimism in the world’s leading economy despite tariff hike on steel and aluminium by president Donald Trump.

PTI