Reported By:
| Edited By: |Source: PTI |Updated: Mar 19, 2018, 03:48 AM IST
Joining a global rally, the benchmark Sensex surged by over 451 points, logging its best daily gain in a month, to close at 20,850.74 on Monday, on the back of optimism over Chinese reforms and continued hopes of Fed sticking to its economic stimulus.
In step with local stocks, the rupee also jumped by over 60 paise to trade near 62.5 levels against the US dollar. The rupee recovered as the RBI plans to inject Rs 8,000 crore into the financial system via open market operations on Monday.
Brokers said investors shrugged off sentiments from foreign brokerage outfit UBS downgrading Indian equities to "neutral" from "overweight".
Massive buying was seen in rate-sensitive capital goods, banking and realty shares. FMCG, oil&gas and power also saw fund-based purchasing, they added.
ITC, HDFC Bank and RIL drove the 30-share Sensex where 26 constituents ended the session in the green. L&T, HDFC, ICICI Bank, Infosys, HUL, ONGC, Hindalco and Bhel saw smart gains.
After gaining 205 points in the previous session, the Sensex shot up by 451.32 points, or 2.21%, to end at nearly two-week high of 20,850.74. Additionally, this was the gauge's biggest single-day gain in terms of points since October 18 when it rose by 467.38 points.
Similarly, the broad-based National Stock Exchange index Nifty shot up by 132.85 points, or 2.19%, to 6,189. Also, SX40 index of MCX-SX closed 247.21 points up at 12366.6.
Asian markets attracted solid buying in a delayed reaction to China last week unveiling big-bang economic and social reforms in nearly three decades.
Shanghani Composite surged 2.8%, followed by Hang Seng up 2.6%, Jakarta Composite up 1.3% while KOSPI inched up 0.23%.
European markets were trading 0.3-0.5% higher in early trade tracking gains in US that surged to a new record on Friday after Fed chief nominee Janet Yellen bolstered expectations of keeping the flow of easy money intact.
Sectorally, the BSE Capital Goods sector index gained the most by rising 3.19%, followed by Banking index (up 3.15%), FMCG index (2.52%) and Realty index (2.41%)
