Published: Tue, March 13, 2018
Markets | By Noel Gibbs

Sensex trades 300 points higher; Nifty above 10300-level

Sensex trades 300 points higher; Nifty above 10300-level

Minutes into the trading the BSE Sensex was trading over 250 points up while the NSE Nifty was trading above 10,300.

Posting its biggest single-day gain since March 2016, the battered BSE Sensex on Monday soared by 611 points following a relief rally in global markets on growing prospects for the U.S. economy. On the other hand, global markets rallied after the U.S. data indicated that non-farm payrolls jumped from last month, but annual growth in average hourly earnings slowed after a spike in January, easing fears of inflation.

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The Index of Industrial Production (IIP) continued its momentum printing at 7.5% on-year in January 2018 compared with 7.1% growth in December 2017. The 50-share Nifty was trading 102.80 points or 1.01% higher at 10,329.65.

Indian shares jumped almost 2 percent on Monday, in line with a global rally after the latest report assuaged fears around inflation and faster rate hikes, while investors back home awaited inflation numbers due later in the day. The BSE Mid-Cap rose 0.76%.

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Market breadth was negative with 1,224 advances against 855 declines. The S&P Oil & Gas index ended at 15373.44 up by 321.28 points or by 2.13%.

Major gainers in the 30-share index were I T C (2.81%), Infosys (1.92%), Wipro (1.79%), Bharti Airtel (1.68%), Tata Steel (1.63%), and Tata Consultancy Services (1.36%). Meanwhile, the annual rate of growth in average hourly employee earnings slowed, easing worries about faster interest rate hikes by the Federal Reserve.

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Dealers said dollar's weakness against a basket of currencies despite strong United States jobs report data and early gains in domestic equity markets supported the rupee.

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