Sensex rallies 500 pts to close at 11-month high

RSTV Bureau

Indian stocks recorded the biggest single day gain in over a year.

On Monday, Indian markets rallied on global cues. Sensex picked up close to 500 points to close at 11-month high of 27,627. Nifty too closed above the 8,400 mark.

The across-the-board buying frenzy was because of a rally in global equities as investors cheered a strong US jobs report while a landslide victory for Japan’s ruling coalition in weekend elections boosted stimulus hopes.

After opening higher, the Sensex ended at an 11-month high of 27,626.69, up 499.79 points, or 1.84 per cent – its biggest single-day gain since May 25 when it had risen 575.70 points.

Metals led the rally, followed by auto, banking, PSU and realty.

Adani Ports was the top gainer by rising 4.78 per cent. Tata Motors went up 4.15 per cent after the company’s Jaguar Land Rover reported 22 per cent jump in global retail sales in first half the year.

The 50-share NSE Nifty recaptured the 8,400-mark before closing at 8,467.90, a gain of 144.70 points, or 1.74 per cent.

Monsoon’s coverage of most part of India and a stronger possibility of passage of the deadlocked GST Bill in Rajya Sabha gave more reasons to cheer.

The investor focus will now shift to the first leg of corporate earnings. TCS and Infosys are slated to come out with their results end of this week.

Most other Asian markets closed on a strong footing following strong weekend rally in the US.

European markets too are trading firmly higher.

(With inputs from PTI)