Sensex today: ITC, Tata Steel top movers; index gains over 250 points

Sensex up over 250 points Nifty above 10,300-mark

Indian shares jumped almost 2 percent on Monday, in line with a global rally after the latest report assuaged fears around inflation and faster rate hikes, while investors back home awaited inflation numbers due later in the day. On BSE, 1,370 shares advanced and 1,344 shares declined. The broader NSE Nifty 50 was trading 131.40 points, or 1.28% higher at to 10,358.25.

Indian benchmark equity indices clocked significant gains on Monday as an overall rally in the global markets on the back of strong data from the US lifted sentiments. "After 10 per cent correction from the all-time high levels surrounded by whole host of negatives (especially from banking sector), Indian markets had phenomenal day with frontline indices rallying +2 per cent offering much needed cheer and relief to the investors".

At 9.22 am Sensex was trading 254.62 points or 0.76 percent up at 33,561.76 while the NSE Nifty was trading 85.25 points or 0.83 percent up at 10,312.10. The BSE Mid-Cap rose 0.76%. But it also showed that annual growth in average hourly earnings had declined to 2.6% after rising in January.

Some global markets on Monday rose at least one per cent following similar gains in the USA on Friday, including a record close for the Nasdaq Composite at 1.79 per cent that followed a strong report.

Iran Expresses Deep Regret over Turkish Plane Crash
Iranian media said the plane went down in remote mountains in the snow-capped Zagros range during bad weather. The last Instagram posting by Mina Basaran (centre, standing) - the bride-to-be with her friends in Dubai.

The gains followed Wall Street, where the Dow jumped 1.77 percent, while the S&P 500 gained 1.74 percent on Friday.

Most global markets have turned positive following USA data indicating abating inflationary pressure, which lowered the chances of an interest rate hike in the near future. "Good jobs data and subsequent rise in United States equities on Friday has revived risk appetite, with index heavy weights among the top gainers".

Market participants will keep a close eye on domestic macro-economic data releases. Foreign investors started selling in the equity market after Budget presentation in February which also coincided with the rise in bond yields in the US.

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