The Sensex surged a staggering 500 points in trade, as global cues were robust, following a solid non farm payolls data from the US.
From Asia to Europe stocks rallied, after the US jobs data showed an addition of very high non farm payrolls data. There were also hopes in Japan that Japanese Prime Minister Shinzo Abe will offer more stimulus through the Bank of Japan after his landslide victory in the upper house.
PSU banking stocks which have outperformed the markets by a huge margin were on a roll today. Allahabad Ban ended the day a huge 6 per cent higher, while other notable gainers were Bank of Baroda, Bank of India and Canara Bank all of which surged 4-5 per cent each.
Jyoti Structures was up 20 per cent, after reports that the Amin Group was acquiring the company. Shares in Bajaj Finance rallied a huge 4 per cent after reports that the company may consider bonus shares and a stock split.
Midcap stocks were also on a roll with the index gaining as uch as 1.22 per cent. Meanwhile, the rupee too recovered and was last trading at 67.12 to the US dollar. Most of the European indices were trading higher with the German DAX, French CAC and the UK's FTSE up 1 per cent each.