Mumbai: The markets bounced back on Monday after subdued performance for quite some time on account of strong global cues. Asian markets were trading with good gains and US markets ended on Friday with significant gap-up.
Broad-based buying was taking place in the opening trade on Monday. However, telecom, cement, banks and power stocks were in focus. Meanwhile, Refex Refrigerants got listed on the exchanges on Monday at Rs 70 versus its issue price of Rs 65.
At 0956 hous, BSE-30 share index Sensex was up 515.54 at 14657 and Nifty was up 118 points at 4226. Major gainers in the opening trade were HDFC bank, Reliance Industries, Rel Energy, ICICI Bank, Sterlite Inds, Bharti Airtel, Tata Steel, ACC, TCS, SBI, ITC and L&T.
The Sensex, which was on a downward march in the last few trading on concerns over the unwinding subprime mortgage crisis in the US, bounced back by 538.57 points to 14,680.09 in first five minutes of trade on the BSE. The wide-based National Stock Exchange's Nifty shot up by 154.55 points to 4,262.60.
Asian indices also surged on Monday, recovering some of their losses, as investors were buoyed by Wall Street advances after the Federal Reserve reduced a key interest rate.
Japan's Nikkei gained 3.69 per cent or 562.89 points at 15,836.57, Hong Kong's Hang Seng surged 2.62 per cent or 534.95 points at 20,922.08, Taiwan's Taiwan Weighted rose 5.02 per cent or 406.02 points at 8,496.31, Singapore's Straits Times advanced 4.65 per cent or 145.64 points at 3,276.35 and South Korea's Seoul Composite was up 4.79 per cent or 78.44 points at 1,716.51.
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