Sensex Rallies 1,627 Points As Global Stimulus Hopes Mount

It was a solid rally witnessed on the bourses after days and weeks of gloom with the stocks staging a robust upmove, following smart global cues.

The Sensex, which jumped almost 2,000 points at one stage ended the day with gains of 1621 points just shy of the 30,000 Points Mark, while the Nifty closed 490 points higher.

European stocks rallied almost 6 per cent on the hopes of a stimulus and Dow Futures were up almost 4 per cent in trade.

Bharti Infratel, ONGC and GAIL were stocks that lead gainers with both the stocks jumping near 15 per cent in trade at one stage. But, the strongest pack was the IT pack with Wipro, TCS and Infosys gaining between 11 to 13 per cent in trade.

Yes Bank was the top loser from the Nifty space and was down 14 per cent in trade. Other largecap stocks that gained was Coconcor, which was up almost 20 per cent in trade, joined by the likes of NMDC and Bandhan Bank, which were up 12 to 15 per cent.

The sharp and sudden spike in the markets took most analyst by surprise, though it was largely to do with solid rally across Europe and a sharp uptick in the Dow Futures.

A short covering rally may also have been responsible for the jump.