Markets firm up on global cues as Sensex gains nearly 300 points


The Sensex, which fell 407 points on Friday, rose as much as 346 points intra day to 34,351 level today.

Asian markets were also trading in the green after a late-day rally on Wall Street on Friday.

The BSE index surged 294.71 points to close on 34,300.47 while the broader NSE index finished on 10,539.75, gaining 84.80 points.

A higher Friday close for NY stocks following a week of "vol" induced selling, lifted markets in Asia and Europe, helping MSCI's all-country index 0.5 percent while European shares were 1.5 percent higher.

On the macro front, the government will announce inflation data based on consumer price index (CPI) for January and industrial production data for December 2017 to be released after market hours today.

European shares rebounded from six-month lows on Monday as jitters over a sudden spike in volatility that wiped off $1 trillion in market capitalization last week appeared to ease.

On the currency front, the Indian rupee strengthened by nine paise to close at 64.31 against the USA dollar from its previous close at 64.40.

Domestic institutional investors bought shares worth a net Rs 588.42 crore while foreign portfolio investors sold shares worth a net Rs 1,351.70 crore on Friday, provisional data showed.

Sectorwise, the S&P BSE capital goods index surged by 317.88 points, followed by auto index by 266.55 points and banking index by 197.62 points.

Tata Steel, Aurobindo Pharma, UPL, YES Bank, and Indusind Bank were the Nifty drivers.

Major losers in the 30-share index were ICICI Bank (2.33%), Housing Development Finance Corporation (2.13%), Infosys (2.01%), Kotak Mahindra Bank (1.81%), Bharti Airtel (1.80%), and State Bank Of India (1.68%).

The reproduction of the story/photograph in any form will be liable for legal action.