Sensex Surges 348 Points As Dow Jones Has Best Rally In 4 Years

Business

oi-Sunil

By Sunil Fernandes

Updated: Thursday, August 27, 2015, 9:38 [IST]

Global markets rallied and Indian benchmark indices followed after the US Dow Jones had its biggest single day gains since 2011.

The Dow Jones rallied almost 4 per cent after Fed's William Dudley said Sept interest rate hike in the US "looked less compelling". A strong durables good reports also boosted sentiments in the US, which saw Asian stocks surge in early trade.

The Sensex was trading with gains of 350 points at 26065 points, while the Nifty was trading at 7903 points with gains of 109 points.

Shares from the banking sector surged in early trade with ICICI Bank, Yes Bank, State Bank of India and Punjab National Bank among the gainers.

Bharti Airtel was up after reports that the company acquired wireless broadband firm Augere's India operations.

Shares in SUN TV saw a sharp spike after the company announced a multi-year deal with video-on-demand service firm HOOQ.

Kaveri Seeds, which has been rallying for the last few trading sessions gained on upgrade by a foreign brokerage firm.

Mid cap stocks also saw a solid rally in line with index stocks. Notable gainers from the space were Crisil, Motherson Sumi and Torrent Pharma.

Hathway Cable gained after the Reserve Bank of India (RBI) allowed foreign investors to buy more shares in the company.

Meanwhile, Asian markets rallied across the board with the Shanghai Composite up 1.40 per cent, the Hong Kong's Hang Sang up 2.2 per cent and the Korean Kospi up 1.5 per cent.

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