Sensex soars 402 pts to 2-week high

Firm Asian cues prompted by strong US jobs data and China’s rate cut decision aided the benchmark S&P BSE Sensex to rally by 402 points to end at two-week high of 27,507.30, extending gains for the second straight session.

Similarly, the wide-based CNX Nifty of the NSE also spurted by 133.75 points or 1.63 pct to settle at one-week high of 8,325.25. Strong US jobs data announced last weekend pointed to economic growth picking up amid China’s move to lower interest rates by 25 bps over the preceding weekend for the third time in six months to strengthened its flagging economy, boosted the emerging markets market sentiment, including India. 

Turning to local markets, buying was witnessed mainly across the board as 11 out of 12 sectoral indices closed in the green by 0.90 pct and 2.52 pct with metal, auto, banking, CD, healthcare, IT, oil&Gas, power, CG and teck segments taking the lead. Smart rise in heavyweights like HDFC, SBI, Tata Motors, ICICI Bank, Infosys, Sun Pharma, Vedanta together contributed almost 350 points to the sensex surge.