Sensex Rallies Over 300 Points; Tata Steel, Hindalco Top Gainers

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Tata Steel has hit a 52-week high of Rs 1218.45, up 3 per cent, on the BSE

The domestic stock markets opened more than half a per cent higher, continuing with the momentum witnessed in the previous session, on the back of favourable global cues. At 9:18 am, the BSE Sensex was at 49,557.45, higher by 355.75 points or 0.73 per cent and the NSE Nifty was at 14,937.10, up 120.20 points or 0.82 per cent. The broader markets are also trading strong, with the BSE Midcap and BSE Smallcap indices gaining 0.5 per cent and 0.9 per cent respectively.

Stocks in Asia rose on Monday amid speculation that interest rates will remain low for an extended period due to the receding risk of a rapid acceleration in inflation, while oil prices jumped after a cyber attack on a U.S. pipeline operator unnerved markets. Futures for Japan’s Nikkei rose 0.03 per cent.

The Dow and S&P 500 hit record closing highs on Friday and the Nasdaq recovered after U.S. jobs data eased concerns over prospects for rising rates. The Dow rose 0.66 per cent, S&P 500 gained 0.74 per cent and the Nasdaq Composite added 0.88 per cent.

Meanwhile, crude prices climbed more than 1 per cent on Monday after a major cyber attack that forced the shutdown of critical fuel supply pipelines in the United States, highlighting the fragility of oil infrastructure. Brent crude was up by 76 cents, or 1.1 per cent, at $$69.04 a barrel by 0039 GMT and  U.S. West Texas Intermediate futures rose by 70 cents, or 1.1 per cent, at $65.60 a barrel.

On the stock-specific front, Tata Steel is the top gainer on the Sensex; the metal heavyweight has hit a 52-week high of Rs 1218.45, up 3 per cent, on the BSE. Coal India, Hindalco, IOC and Dr Reddy’s have gained around 2 per cent each.

On the other hand, Ultratech Cement, Britannia and Tata Consumer Products have shed around a per cent each on the BSE.



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