Economy

Sensex up over 250 points, Nifty above 10300-mark

Sensex up over 250 points, Nifty above 10300-mark

Nifty of National Stocks Exchange (NSE) too advanced by 96.10 points to 10,322.95.

Last week, a sudden sell-off during the last hour of trade trimmed Friday's entire gains and led the equity indices to close on a flat note with marginal losses.

The government will announce inflation data based on consumer price index (CPI) and industrial production data after market hours today.

Indian equity benchmarks traded on a strong note throughout the day and ended the session with heavy gains on tracking firmness in global cues after the latest U.S. jobs report assuaged fears around inflation and faster rate hikes.

Meanwhile, the benchmark BSE Sensex rose by 301.55 points, or 0.90 per cent, to 33,608.69 in opening trade today. The BSE Mid-Cap rose 0.76%.

Short-covering during the later part of the day also helped stocks as investors were seen buying metal, oil & gas, FMCG, banking, power, infrastructure, IT, auto and capital goods stocks.

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Mumbai: Key indices zoomed nearly 2 per cent on Monday after strong U.S. jobs data fuelled a global rally in stocks.

"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.

All but three stocks closed lower on the Nifty 50 index, with Bharti Airtel Ltd and ITC Ltd among the top percentage gainers.

All the sector indices that the BSE compiles ended higher, led by the S&P BSE Telecom index, which gained 2.57%.

The US data showed nonfarm payrolls jumped by 313,000 jobs last month, but annual growth in average hourly earnings slowed to 2.6% after a spike in January.