Sensex Jumps 440 Points, Global Cues Remain Strong

Benchmark indices opened the day strong as global markets were trading higher and Dow Futures too pointed to higher openings. Across Asia too the trend seemed firm, with most markets there seeing gains of more than half a per cent.

The Sensex was trading with gains of 440 points at 38,510 points, while the Nifty was up 106 points at 11,354 points. Banking stocks which had seen some losses over the last one week managed to pull back with stocks like ICICI Bank and State Bank of India among the gainers.

Reliance Industries saw its share price gain after the company said the co-investors of private equity giant Silver Lake will invest an additional Rs 1,875 crore in its retail unit.

Among the top gainers from the Nifty most were from the banking and finance pack including the likes of Bajaj Finance, Axis Bank and IndusInd Bank. Nifty stocks that lost ground were ONGC, Nestle and Cipla.

Shares in Mangalam Cement were trading higher after the promoter Vidula Jalan increased their stake in the company.

Meanwhile, in Asia the Hang Sang was leading the set of gainers with a jump of more than 1 per cent in trade. The rupee opened the day stable, while gold to was holding steady.