India joined a global stock market rally on Monday after euro zone leaders clinched a deal with Greece to negotiate a third bailout. The BSE Sensex jumped by 300 points with Chinese stocks also rallying and crude oil taking a plunge amid indications of a nuclear deal involving Iran.
The 30-share index opened higher and quickly regained the crucial 28,000-mark in afternoon trade to hit the day’s high of 28,005.17. However, profit-booking at improved levels dragged it down below the 28,000-mark, which settled at 27,961.19, a rally of 299.79 points, or 1.08 per cent, its biggest single-session gain since June 22 when it had rallied 414.04 points.
Similarly, the 50-share Nifty recaptured the 8,400-level to hit a high of 8,471.65, before settling higher by 99.10 points, or 1.19 per cent, at 8,459.65.
Sanjeev Zarbade, vice president, Kotak Securities, said: “Equity markets in Asia and Europe rallied after the European Union agreed on a bailout package for Greece, subject to conditions.” IT, oil & gas, auto, pharmaceutical and FMCG shares were among the notable gainers of the day.
Brent crude for August fell $1.89 to a low of $56.84 a barrel before rallying back to around $57.70 by 0725 GMT. The rupee ended 13 paise lower at 63.52 on fresh demand for the American currency.