Sensex surges with all sectoral indices in green

The benchmark Bombay Stock Exchange (BSE) index Sensex on Monday recovered sharply by 307 points in late morning trade, to 28,744.47, tracking firm global cues.

Asian markets edged higher as investors positioned for the possibility that weaker-than-expected US data will prompt the Federal Reserve to adopt a cautious stance this week and tempered expectations of an early rate hike.

US stocks closed sharply higher on Monday, as the US dollar rally paused ahead of the Federal Reserve’s two-day monetary policy meeting.

The 30-issue BSE barometer saw all sectoral indices trading in the green with healthcare, auto, FMCG, metal, consumer durable, bank and power segments leading the pack.

The gauge resumed higher at 28,595.00 and improved further to quote at 28,744.47 at 11:00 am, showing a rise of 306.76 points (or 1.08 per cent) from its previous close.

The broader 50-share National Stock Exchange (NSE) index Nifty also bounced back by 92.80 points (or 1.07 per cent) to trade at 8,725.95 in late morning trade.

The prominent gainers among the 30 Sensex scrips were, Hindalco (3.31 per cent), SSLT (3.26 per cent), Tata Motors (3.09 per cent), Dr Reddy (2.78 per cent), Cipla (2.32 per cent), Tata Steel (2.08 per cent), HDFC (1.86 per cent), Sun Pharma (1.78 per cent), TCS (1.39 per cent), Axis Bank (1.34 per cent), ITC (1.21 per cent) and L&T (1.16 per cent).

From Asia, key indices from China, Hong Kong, Japan, Singapore, South Korea and Taiwan were trading higher by 0.24 per cent and 1.75 per cent.

The Dow Jones Industrial Average and the Nasdaq Composite Index closed higher by 1.29 per cent and 1.19 per cent respectively on Wall Street on Monday.

Meanwhile foreign institutional investors (FIIs) sold shares worth Rs 762.55 crore on Monday according to provisional data.

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