Sensex extends rally, surges almost 500 pts on strong global cues

Gaining over 350 points during the day the Sensex was at 33,630.39 points up 323.25 or 0.97% at 11am

Gaining over 350 points during the day the Sensex was at 33,630.39 points up 323.25 or 0.97% at 11am

The benchmark Sensex has fallen close to 2,600 points, or 7.24 per cent, to 33,307.14 since February 1 this year due to global and domestic cues.

Although the rally was on the back of heavy short-covering in largecaps, still the market will take it with both hands, said Jagannadham Thunuguntla, Senior Vice-President and Head of Research (Wealth), Centrum Broking.

Equity markets on Monday turned encouragingly buoyant as Sensex posted its biggest gain in intra-day trade since March 2016.

Industrial production data for January, retail inflation or inflation data based on CPI and inflation data based on Wholesale Price Index (WPI) for February will be released this week. The BSE mid-cap index ended higher by 0.76 per cent and small-cap index 0.56 per cent.

Indian shares jumped almost 2 percent on Monday, in line with a global rally after the latest report assuaged fears around inflation and faster rate hikes, while investors back home awaited inflation numbers due later in the day.

On the sectoral front, Realty, Bank, Capital Goods, Metal, Oil & Gas, FMCG and Information Technology were top gaining indices on BSE while on the flip side; there was no losing indices on BSE.

Market breadth was negative with 1,224 advances against 855 declines.

Asian markets too were trading in the green on strong cues from Wall Street after a better-than-expected U.S. jobs report on Friday. Barring Coal India, all stocks in the Sensex pack gained ground with ICICI Bank, Tata Motors, Bharti Airtel, NTPC, ITC and Axis Bank all gaining between 2-4% each.

Non-farm payroll data released in the United States last Friday showed a strong growth of 313,000 jobs.

Myanmar builds security bases on torched Rohingya villages: Amnesty