As US unemployment data hints at less hawkish stance by Federal Reserve, Sensex jumps 230 points to close in the green above 61,000 mark. Nifty on the other hand moved closer to the 18,200 mark with an 82 point gain to end the day.
Although rumours about China lifting covid restrictions fueled a green run in global markets last week, the country has dashed all hopes by reiterating its strict zero-covid policy. It has even locked down Apple's biggest manufacturing facility, which supplies almost half of iPhones globallly.
Among major stocks, Adani and SBI were top gainers, while pharma lagged behind with Cipla down. Metal stocks and public sector banks continued to gain, mirroring last week's performance.
The Rupee also gained value to close at 81.92 against the US dollar, which is 52 paise higher than Friday's close of 82.44.
According to LKP Securities' senior technical analyst Rupak De, "The benchmark Nifty remained volatile during the session before closing with a gain. On the daily chart, the index has remained above the previous swing high, suggesting ongoing uptrend. The momentum indicator RSI is in positive crossover. Over the short term, the trend may remain bullish, with a potential to reach towards 18300/18600. On the lower end, support is placed at 18000."
