Sensex extends rally by 399 points intraday on positive global cues

Tracking positive cues from other Asian markets, the benchmark index Sensex extended its gains to scale a fresh intraday high with a surge of 399 points in late morning trade on sustained buying in capital goods, banking, auto and power sectors. 

The 30-share index resumed higher at 26,379.42 points and rose to as high as 26,620.22 at 1115 hours, showing a rise of 399.27 points, or 1.52%, from its last close. 

The NSE 50-share Nifty was also trading higher at 111.95 points, or 1.41%, at 8,062.85 at 1115 hours.

Among major gainers, Tata Motors was up 6.92%, HDFC 3.49%, ICICI Bank 3.35%, Larsen and Toubro 3.10%, TCS 2.65%, Tata Steel 2.57% and HeromotoCo by 2.52%. 

The Foreign portfolio investors (FPIs) bought shares worth a net Rs 48.60 crore last Thursday, as per provisional data released by the stock exchanges.

In overseas markets, Asian stocks rose after prospects of a near-term interest rate hike by the Federal Reserve ebbed in the wake of the last week's weaker-than-expected US employmentd ata. Hang Seng, Straits Times, Nikkei and Taiwan were up, while Chinese market was closed for a holiday.

The US stocks closed on a positive note last Friday after a late-afternoon rally, but weak jobs data added to the worries about slowing down of the world's largest economy.