Sensex zooms 611 pts; Nifty ends above 10400 on global rally

Pablo Tucker
March 12, 2018

The Indian benchmark indices on Monday surged after their worst week in a month, as the BSE Sensex rose 1.83% or 610.8 points to 33,918, while the broader National Stock Exchange Nifty closed at 10,421 points - 194.55 points higher than the previous session's closing. The Nifty also gained close to 200 points to close above 10,400.

At 9.22 am Sensex was trading 254.62 points or 0.76 percent up at 33,561.76 while the NSE Nifty was trading 85.25 points or 0.83 percent up at 10,312.10. This is the biggest single-day gain since March 2016.

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

Bharti Airtel rallied 5.2 percent on fund raising reports.

"Firm global cues and expectation of ease in domestic inflation to 4.74% excited investors to utilise the bargain opportunity".

Market participants will keep a close eye on domestic macro-economic data releases.

South Korea rose 1 percent while Australia's main index added 0.7 percent, boosting by mining shares on news that Australia could be exempt from new US trade tariffs on steel and aluminium imports.

On the other hand, global markets rallied after the United States data indicated that non-farm payrolls jumped from last month, but annual growth in average hourly earnings slowed after a spike in January, easing fears of inflation.

European stocks were also trading higher as France's CAC gained 0.3 percent and Germany's DAX was up 0.6 percent at the time of writing this article.

All the sectoral indices, led by IT, Teck, oil and gas, FMCG and realty sectors, were trading in the green with gains up to 1.24 percent.

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