Mumbai: Indian shares rose more than 6% on Monday afternoon, taking gains to over 50% from a 2009 low in early March, as strong risk appetite on a brighter outlook for the global economy lifted markets across Asia.
At 1:38pm, the 30-share BSE index was up 6% at 12,086.97 points, with all stocks gaining and the 50-share NSE index was up 5.1% at 3,652.70.
The Bombay Stock Exchange benchmark Sensex extended gains to hit 12,000 mark for the first time since October 2008.
At 12:27pm, the 30-share BSE index was up 5.2% at 11,995.55 points, with all stocks gaining, after climbing above 12,000 for the first time since last October and the 50-share NSE index was up 4.4% at 3,627.70.
Markets extended its gains for the second straight session after long weekend as the today as Sensex zoomed further by 519.12 points to quote at seven-month high of 11,922.37 at 10:10am on the back of continued buying by foreign funds and favourable global cues.
The Bombay Stock Exchange 30-share barometer resumed over 230 points higher and improved further to 11,922.37 at 10:10am, up by 4.55% from its last close.
Frenzied short-coverings as well as rollover to the next series on the last day of derivatives on 29 April led the Sensex to garner a whopping 401.50 points or 3.65%.
Foreign Institutional Investors (FIIs), once again played the role of market driver and pumped in over Rs7,200 crore in the month of April.
Asian indices were quoting higher in their trade this morning. Indices such as Taiwan Weighted was up by 5.86%, the Hang Seng by 3.52%, Straits Times by 3.27%, Shanghai Composite by 2.28% and Kospi by 1.37%.
Better-than-expected fourth quarter earnings by some major companies also helped the rally.