Sensex, Nifty climb almost 1% on positive global cues

Sensex, Nifty climb almost 1% on positive global cues

The 30-share Sensex was trading higher by 421.83 points, or 1.27%, to 33,728.97 at 2.00 pm on Monday.

All but three stocks closed lower on the Nifty 50 index, with Bharti Airtel Ltd and ITC Ltd among the top percentage gainers. Meanwhile, the Nifty was trading higher by 89.25 points or 0.87% at 10,316.10 with 35 components gaining.

In the Asian region, Hong Kong's Hang Seng was up 1.68 percent and Shanghai Composite Index rose 0.75 percent, while Japan Nikkei edged higher by 1.72 percent in early trade.

"Firm global cues and expectation of ease in domestic inflation to 4.74% excited investors to utilise the bargain opportunity".

After opening on a strong footing, the Sensex advanced to hit a high of 33,962.48 on the back of fresh buying by domestic funds and retail investors.

A global rally after better-than-expected jobs data in the United States affected the market sentiment, which was also buoyed ahead of India's industrial production data, which will be released in a few hours. Both the benchmark indices gained 2 per cent during the day.

"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 U.S. jobs report released over the weekend", Karthikraj Lakshmanan, Senior Fund Manager - Equities, BNP Paribas Mutual Fund said.

All the sectoral indices, led by IT, Teck, oil and gas, FMCG and realty sectors, were trading in the green with gains up to 1.24 percent. On the BSE, 1,067 stocks gained, 297 stocks declined, while 59 stocks remained unchanged.