Sensex at 11-month high on global cues, monsoon hopes, Nifty above 8,400

Rupee ends at over 3-week high of 67.14, up 24 paise, on persistent dollar selling. For the BSE Sensex, it's the biggest single-day gain in over a month.

Bystanders and traders outside the Bombay Stock Exchange (BSE) watch stock prices on a digital broadcast during intra-day trade in Mumbai on Monday. Express Photo by Amit Chakravarty. 29.06.2015. Mumbai.

With support from strong global cues and firm foreign institutional investor participation, the benchmark Sensex at the Bombay Stock Exchange jumped 499.79 points or 1.84 per cent on Monday to close at near 11-month high of 27,626.

The Asian markets opened on a strong note following a strong US jobs report and a landslide victory for Japan’s ruling coalition that has boosted hopes of a stimulus. The Indian markets too replicated the rise and the Sensex witnessed the biggest intra-day gain in six weeks. The domestic markets also gained confidence from the monsoon

coverage across the country and the likelihood of consensus over passage of GST Bill in Rajya Sabha. The foreign institutional investors invested a net of Rs 1,055.8 crore on Monday.

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While the Nikkei in Japan rose 4 per cent, Hang Seng in Hong Kong gained 1.5 per cent. Even France’s CAC 40 gained 1.8 per cent, while Germany’s DAX was up 2.1 per cent. Britain’s FTSE 100 added 1.4 per cent. Experts say that going forward the market’s movement will depend upon announcement of corporate earnings for the quarter ended June 2016 and progress of monsoon and reforms. While Tata Consultancy Services is set to announce its results on Thursday, Infosys and Reliance Industries will announce their results on Friday.

“Earnings growth, progress of monsoon, as well as pace of reforms in the monsoon session of parliament will drive the markets from here-on in the month of July. The race for the RBI Governor’s post will also be another key market driver. The traction in Indian equities continues to be strong aided by rally in global equities as risk of rise in interest rates in developed markets recede,” said Yogesh Mehta, vice president, Motilal Oswal Securities. Monday’s Sensex is highest since August 19 last year when it closed at 27,931. The broader Nifty at the National Stock Exchange rose 144 points or 1.74 per cent to close at 8,467.9.

The biggest gainers on Monday were blue chip stocks and the mid-cap and the small-cap indices at BSE rose by 1.5 and 0.38 per cent respectively, lower than the gains witnessed by Sensex. At the Sensex, 29 scrips out of 30-share index ended higher.

Though the EC’s media invitation did not specify the subject, officials said the briefing would pertain to the SIR schedule. (File)

EC to announce dates for nationwide Special Intensive Revision tomorrow

India15 min ago

The EC will announce the schedule for the Special Intensive Revision of electoral rolls in multiple states, including Assam, Kerala, Puducherry, Tamil Nadu, and West Bengal, on Monday. The exercise, which hasn't been conducted in two decades, aims to update the rolls and eliminate duplicate entries and foreign nationals.

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