Sensex logs biggest one-day gain since July, Nifty zooms past 10,400

NEW DELHI: The bulls finally gained an upper hand on Dalal Street, as the domestic stock market jumped nearly 2 per cent on Monday, on across the board buying amid bullish global cues. The 30-share Sensex gained 611 points or 1.83 per cent to close at 33,918 on Monday. The Nifty50 index closed 195 points or 1.90 per cent up at 10,421. While positive global cues provided the fuel for the rally, market participants embarked on low level buying ahead of macro data -- January IIP and February CPI inflation – scheduled to be released after market hours.

“It was an exceptional day for the equity market, as Nifty gained 2 per cent to zoom past the 10,400-level, while Sensex surged over 600 points. Short covering in latter half of the session triggered fresh momentum and almost all the sectoral indices participated in the upmove,” said Jayant Manglik, President, Religare Broking. “It was indeed a surprise upmove, but sustainability above 10,400 will be crucial for further recovery. Participants will react to macroeconomic data -- IIP and CPI inflation -- in early trade on Tuesday. We suggest traders limiting leveraged positions and continuing with stock specific trading approach,” he added. Broader BSE Midcap and smallcap indices trailed BSE benchmark Sensex and closed 0.76 and 0.56 per cent higher, respectively.