Markets rally on global cues
Stocks stood their ground on Monday with a rally for the third straight session as the Sensex and the Nifty lapped up the positive overseas trend, buoyed by strong US payroll data.
Mumbai: Stocks stood their ground on Monday with a rally for the third straight session as the Sensex and the Nifty lapped up the positive overseas trend, buoyed by strong US payroll data.
The benchmark Sensex finished over 205 points higher at 33,456 while the broader NSE Nifty closed above the 10,300- mark. Participants are optimistic about a favourable result for the Bharatiya Janata Party (BJP) in the ongoing Gujarat polls. However, the optimism surrounding blue-chip stocks was tempered by the fact that industrial production and retail inflation data are due later this week.
The Sensex opened strong at 33,317.72 and touched a high of 33,535.97. It could not go far and settled at 33,455.79, up 205.49 points, or 0.62 per cent. This is its highest closing since November 29 when it had closed at 33,602.76. It had risen 653.12 points in the previous two sessions.
The 50-share NSE Nifty ended 56.60 points, or 0.55 per cent, higher at 10,322.25 after shuttling between 10,329.20 and 10,282.05. A strengthening rupee too supported the rally. Global shares had a field day.
Positive leads from other Asian markets tracking record at Wall Street following forecast-beating US jobs data came as the trigger. Investors eyed Federal Reserve's policy meeting later this week, too.