Sensex jumps 1.8% to 10-month high
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MUMBAI: Across-the-board buying, backed by strong global cues, expectations of better corporate numbers, fall in crude oil prices and good progress of the monsoon pushed the sensex to near its 11-month high at 26,647 points on Monday with 29 of its 30 constituents closing with gains.
Talks about a possible support from Congress party for the passage of the GST bill in Rajya Sabha also added to the positive sentiment, dealers said.
After a strong start, upbeat investor sentiment, especially by foreign investors, helped the index gain through the session to close 500 points, or 1.8%, higher at 27,627 while nifty on NSE closed 145 points higher at 8,468. The day's session added Rs 1.6 lakh crore to investors' wealth with BSE's current market capitalisation now at Rs 105.1 lakh crore.
The session witnessed strong buying by foreign funds with data on BSE showing a net inflow of Rs 1,056 crore. In comparison, domestic institutions were net sellers at Rs 611 crore. The day's net FII inflow was the highest single-session figure in the last 10 days, Sebi data showed.
According to Yogesh Mehta, VP, Motilal Oswal Securities, the quality of corporate earnings, progress of monsoon, as well as pace of reforms in the monsoon session of the Parliament will drive the markets in the current month. "The traction in Indian equities continues to be strong aided by rally in global equities as risk of rise in interest rates in developed markets recede," Mehta said in a note.
In the forex market, the Indian rupee strengthened by 23 paise against the dollar to close at 67.14, compared to 67.37 on Friday. It was the first day that the Indian rupee closed above the pre-Brexit level of 67.25.
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