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Sensex Soars Over 400 Points; Nifty Above 8,060 Mark On Global Cues

By Religare

Indian equities continued to trade higher in the late morning deals on Monday boosted by inflows from foreign investors coupled with positive cues from other Asian peers as tepid US jobs data for September pushed back bets of a hike in interest rates by the US Federal Reserve.

Markets saw across-the-board buying by traders mainly in the capital goods, banking, auto and IT sector stocks.

Sensex Soars Over 400 Points; Nifty Above 8,060 Mark On Global Cues

At 11:15 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 26621.55, up by 400.6 points or 1.53 per cent while the NSE Nifty was 8062.65, up by 111.75 points or 1.41 per cent.

Also, traders will be eying the India services PMI on Tuesday and the next big cue for the market will be the September quarter earnings data with IT bellwether Infosys to set the ball rolling with its result announcement on October 12.

The top gainers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 317.45,+6.89%), Housing Development Finance Corporation Ltd. (Rs. 1247.85,+4.05%), ICICI Bank Ltd. (Rs. 276.30,+3.35%), Larsen & Toubro Ltd. (Rs. 1535.45,+3.10%), Tata Consultancy Services Ltd. (Rs. 2711.25,+2.71%), among others.

Major show spoilers were Maruti Suzuki India Ltd. (Rs. 4499.00,-1.77%), Dr. Reddy's Laboratories Ltd. (Rs. 4189.40,-0.96%), Coal India Ltd. (Rs. 325.65,-0.78%), Lupin Ltd. (Rs. 2090.80,-0.77%), Infosys Ltd. (Rs. 1166.20,-0.60%), among others.

The market breadth, indicating the overall strength of the market, was positive. On BSE, out of the total 2323 shares traded, 1703 advanced while 545 shares declined and 75 remained unchanged.

On the global front, all the Asian markets were trading in the green amid hopes that the Fed may put off tightening interest rates until next year after poor jobs data underscored weakness in the economy amidst a global turmoil.

Non-farm payrolls in the US advanced by 142,000 in September, following a downwardly revised 136,000 gain in August from 173,000 reported earlier, while wages were little changed. The China"s Shanghai Composite remained closed due to holidays.

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