Mumbai: It was a spectacular session for the markets. Positive global cues led by announcement of China's $586 billion economic stimulus package, helped benchmark indices to remain strong.
However, volumes have been quite tepid at around Rs 44,000 crore. Metal sector was the leader in Monday's rally followed by power, capital goods, telecom, oil & gas and technology sectors. Midcap and small cap stocks were also in the limelight.
The Sensex rose 571.87 points or 5.74 per cent, to close at 10,536.16, after hitting an intraday high of 10,570.58. The 50-share Nifty Fifty gained 175.25 points or 5.89 per cent, to settle at 3148.25. It has hit a high of 3161.25.
BSE Midcap Index was up by 119.71 points 3.57 per cent to 3,475.09 and Small Cap Index jumped 87.93 points or 2.25 per cent to 3,988.03.
Volumes were very low; total traded turnover stood at Rs 43,245.80 crore. This includes Rs 30,290.49 crore from NSE F&O segment, Rs 9,261.71 crore from NSE cash and the balance Rs 3,693.60 crore from BSE Cash segment.
Major Asian markets posted strong rally, as China announced $586 million package and Taiwan cut rate.
Shanghai closed higher by 7.27 per cent and Nikkei jumped 5.81 per cent. Hang Seng rose 3.52 per cent. Straits Times and Kospi were up 1-1.6 per cent. Jakarta and Taiwan ended flat.
After announcement of China's economic stimulus package, base metal prices surged and Japanese Yen fell.
Copper Futures jumped eight per cent, Nickel up 11 per cent, Lead & Zinc gained 5 per cent and aluminum was up four per cent. BHP Billiton, Arcelor-Mittal and ABB jumped over eight per cent in the European markets.
European markets were trading higher. FTSE, CAC and DAX rose at around 3.5 per cent each. Dow Jones and Nasdaq Futures were up 164 points and 25.50 points respectively, at 1448 hrs IST.
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