Sensex up 700 pts; IRB Infra, RITES, IFCI zoom over 10%
Benchmark indices quoted with strong gains in intra-day deal on Monday, tracking strength in Asian peers. In the week ahead, equity markets shall react to US Fed meet outcome and the Interim Budget 2024.
The S&P BSE Sensex opened 269 points higher, and was quoting with a gain of 600 points at 71,300 levels. The NSE Nifty 50 reclaimed the 21,500-mark, and was up 175-odd points.
Sun Pharma up over 2 per cent was the top gainer among the Sensex stocks. HDFC Bank, Axis Bank, Kotak Bank, Reliance, Larsen & Toubro and Wipro were the other major gainers, up over 1 per cent each.
On the other hand, ITC, JSW Steel and Infosys were seen quoting with marginal losses.
In the broader market, the BSE MidCap and SmallCap indices advanced up to 0.7 per cent each.
Global cues
In Asia this morning, Hang Seng soared over 1.5 per cent. Kospi surged 1 per cent, while Nikkei added 0.8 per cent. Shanghai, Straits Times and Taiwan too were seen holding steady gains.
On Friday, the US market ended on a mixed note amid a spike in inflation numbers. Dow Jones added 0.2 per cent, while the S&P 500 and Nasdaq slipped 0.1 per cent and 0.4 per cent, respectively.
The US 10-year yield rose to 4.141 per cent. Brent Crude Oil quoted above $83 per barrel mark.