Mumbai : Market turned more decisive as the Sensex on Monday jumped over 377 points — its biggest single-day gain in about a month — and the NSE Nifty scaled the 8,700 mark in anticipation of a rate reduction at the RBI policy meet on Tuesday.
Improving sales numbers from automakers, a sign of revival in discretionary spending, the rupee holding higher against the dollar and no further flare-up on the geopolitical front added fuel to the rally. A rebound globally on easing worries about future of German giant Deutsche Bank and a firming oil price provided a perfect setting. Sentiment was buoyed after a monthly survey showed that the manufacturing PMI print for September, at 52.1, came in above the 50 mark for the ninth month, signalling expansion. The 30-share BSE barometer after opening higher hit a high of 28,273.02 before settling at 28,243.29, a significant jump of 377.33 points, or 1.35 per cent, its biggest single-session rally since September 6 when it had climbed 445.91. The gauge had gained 38.43 points in the previous volatile session on Friday. The broader NSE Nifty retook the 8,700 level to end at 8,738.10 by surging 126.95 points, or 1.47%, after moving between 8,745.20 and 8,635.