Mumbai: Indian share prices surged 2.89% on Monday, led by strong Asian markets which were fuelled by last week’s gains on Wall Street, dealers said.
They said an absence of negative political news, linked to a row between the government and its communist allies over a nuclear deal with the United States, also aided sentiment.
The benchmark 30-share Sensex rose 417.51 points to 14,842.38.
The wide-based National Stock Exchange index Nifty increased by 112 points at 4,303.45 as purchasing interest was more confined to large cap stocks.
“The markets bounced back on strong global trends and easing political fears linked to the possibility of an early poll,” said a dealer at brokerage Prabhudas Lilladher.
Buying was seen in benchmark, mid and small-cap stocks.
The benchmark Sensex remained on an upward march at mid-session on the Bombay Stock Exchange on 27 August, gaining over 336 points on aggressive buying by funds.
The Sensex remained in bullish mood after reports the US housing loan crisis was easing. The 30-share index shot up by 338.99 points at 14,763.03 as foreign and domestic funds purchased heavy-weight stocks such as Reliance Industries.
Similarly, the wide-based National Stock Exchange index Nifty increased by 88.20 at 4,278.35 as purchasing interest was more confined to large cap stocks.
“A firm global trend helped today’s rally,” said Delhi-based broker Rajiv Malik of RNM Financial services.
The Morgan Stanley Capital International Asia-Pacific Index added 0.9 per cent. The US stocks climbed on Friday, helping the Standard and Poor’s 500 Index to its biggest weekly gain in five months.
Reliance Industries, the heaviest scrip on the Sensex, rose Rs26.50, or 1.5%, to Rs1,801. State Bank of India, the country’s largest lender, added Rs49.25, or 3.4%, to Rs 1,515.5. ICICI Bank, the second-largest lender, gained Rs25.75 to Rs 860. These three scrips carry over one-fifth weight on the Sensex.
Mumbai: The benchmark Sensex gained over 217 points in early trade on the Bombay Stock Exchange today on fresh buying by funds, encouraged by firming global trend.
The BSE 30-share index, which remained in positive zone in the previous week, extended its gain by adding 217.25 points at 14,642.12 in first five minute of trade.
Similarly, the wide-base National Stock Exchange’s Nifty rose by 62.35 points at 4,252.50 on the back of a surge in large-cap stocks like Reliance Industries, Tata Motors, Infosys Technology.
The market remained bullish on the first day of the current week as global markets traded higher.