Sensex soars 371 points in early trade; Nifty above 8,000

Mumbai: Stock market benchmark BSE Sensex surged by over 371 points and the NSE Nifty regained the 8,000 mark in early trade today, extending rally for the fourth day on positive cues from other Asian markets.

Inflows from foreign investors and across-the-board buying by the investors also helped the market sentiments. The 30-share barometer Sensex was up 371.33 points, or 1.42 per cent to trade at 26,592.28 in early trade with all the sectoral indices led by auto, capital goods and banking were trading in positive terrain. The Sensex had gained 604.11 points in the previous three sessions. Stock exchanges were closed on Friday on account of ‘Gandhi Jayanti’. Tata Motors, HDFC Ltd, TCS, ICICI Bank, NTPC, L&T, Axis Bank, Wipro, Tata Steel, HDFC Bank, Hero MotoCorp and M&M were major gainers that supported the rally in the indices.

The NSE Nifty too regained the crucial 8,000-mark by climbing 93.35 points or 1.17 per cent to trade at 8,044.25. Brokers said continued buying by foreign funds and retail investors, tracking a firming trend in other Asian markets — after US jobs data fuelled speculation that the Federal Reserve will not raise key interest rates any time soon — buoyed trading sentiments here. The sentiment also got a leg-up from optimistic buying by traders ahead of the earnings season beginning next week. Among other Asian markets, Japan’s Nikkei was up by 1.22 per cent while Hong Kong’s Hang Seng rose 1.63 per cent in early trade today. The US Dow Jones Industrial Average ended 1.23 per cent higher on Friday.

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