Sensex soars 460 pts, Nifty regains 7,800-mark on global cues

Mumbai: Market benchmark Sensex today 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.

Representational image. Reuters

Representational image. Reuters

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 percent -- 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 percent. From the 30-share Sensex pack, 26 scrips ended higher.

Bajaj Auto emerged as the top gainer from the index by climbing 3.78 percent to Rs 2,527.95 while Axis Bank jumped 3.41 percent 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 per cent to Rs 1,204. ITC Ltd rose 2.38 percent to Rs 324.75 after the company said there is "progressive resumption" of production at its cigarette factories.

Other gainers included ICICI Bank 3.28 percent, L&T (2.72 percent), Bharti Airtel (2.23 percent), NTPERCENT (2.21 percent), Hero MotoCorp (2.19 percent), Asian Paints (2 percent), HDFC Bank (1.89 percent), TCS (1.75 percent), M&M (1.63 percent), ONGC (1.58 percent) and Infosys (1.50 percent).

Sectorally, the BSE banking index gained the most by rising 2.45 percent followed by capital goods (1.86 percent), realty (1.74 percent), auto (1.60 percent), infra (1.58 percent), teck (1.48 percent), power (1.39 percent), PSU (1.30 percent) and IT (1.29 percent).

Broader markets too were in a better shape with BSE mid-cap rising 1.25 percent and the mid-cap up 1.20 percent.

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 percent while Hong Kong's Hang Seng rose 0.23 percent. However, Shanghai composite index sank 2.79 percent on another disappointing Chinese trade data.

Updated Date: May 09, 2016 17:32 PM

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