Wall St rebound buoys bourses

Mumbai: Benchmark Sensex and Nifty rallied for a third straight session on Monday, closing higher by nearly one per cent on gains in IT, private banks and capital goods shares amid favourable trends in global markets. The 30-share BSE Sensex jumped 594.91 points or 0.92 per cent to settle at 64,958.69.

During the day, it rallied 628.76 points or 0.97 per cent to 64,992.54. The broader Nifty climbed 181.15 points or 0.94 per cent to 19,411.75. In the three sessions to Monday, Sensex has rallied around 1,367 points and Nifty by 422 points to trade above 19,400 level. Among the Sensex firms, Larsen & Toubro, Axis Bank, Tata Steel, Bajaj Finance, Power Grid, Asian Paints, Mahindra & Mahindra and Bajaj Finserv were the biggest gainers. State Bank of India, Hindustan Unilever, Tata Motors and Titan were the laggards.

“Optimism continued as soft US payroll data and expectations of moderation in monetary tightening by the Fed supported the sentiment. Since most of the headwinds are global in nature, investor sentiment has shifted to domestic-oriented businesses, where festive demand is healthy,” said Vinod Nair, head (research) at Geojit Financial Services. “Markets started the week on a firm note and gained nearly a per cent, in continuation of the recent rebound.

Markets are largely mirroring the rebound of the US markets,” Ajit Mishra, SV-P (technical research), Religare Broking Ltd. Foreign institutional investors (FIIs) offloaded equities worth Rs 12.43 crore, according to exchange data. In the broader market, the BSE smallcap gauge jumped one per cent and mid-cap index rallied 0.90 per cent.