Sensex Up 280 Points In Early Trade; Nifty Climbs Above 10300

Sensex up over 250 points Nifty above 10,300-mark

The 30-share Sensex rallied 301.55 points, or 0.90 per cent, to 33,608.69 in opening trade. "Albeit Monday's rally was on the back of heavy short-covering from large caps, still the market will take it with both hands", said Jagganadham Thunuguntla, senior vice-president and head of research (wealth) at Centum Broking. This is the biggest single-day gain since March 2016.

At 11:23 AM, the BSE Sensex was trading at 33,605, up 298 points, while the Nifty50 index was trading at 10,322, up 95 points.

The investors factored in a favourable showing in the inflation and factory output data, slated to be released later in the day. Global markets staged a recovery after data from the US showed that the country added 3.13 lakh jobs in February.

The benchmark index of Bombay Stock Exchange (BSE) on Monday spurted by 294.57 points to 33,602.71 on capital inflows by foreign funds ahead of key IIP to be released today.

Gains on the gauge were led by Bharti Airtel (3.84%), ITC (3.76%), Infosys (2.09%) and Tata Motors (2.05%). On the BSE, 1,067 stocks gained, 297 stocks declined, while 59 stocks remained unchanged.

All the sectoral indices, led by telecom, FMCG, IT, metals and oil & gas, were trading in the green, with gains of up to 1.75% at 2.00 pm.

"Positive Asian stocks boosted sentiment on the domestic bourses while global stocks gained as worldwide trade-war concerns abated and were replaced by economic optimism following a stronger United States jobs report released over the weekend", said Karthikraj Lakshmanan, Senior Fund Manager-Equities, BNP Paribas Mutual Fund. But it also showed that annual growth in average hourly earnings had declined to 2.6% after rising in January.

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