Stock markets on Monday rallied for the third straight session amid positive global cues from other markets and strong US payroll data. The Sensex opened strong at 33,317.72 and touched a high of 33,535.97. However, the index settled at 33,455.79, up 205.49 points, or 0.62 per cent. This is its highest closing since November 29 when it had closed at 33,602.76. It had risen 653.12 points in the previous two sessions. The 50-share NSE Nifty ended 56.60 points, or 0.55 per cent, higher at 10,322.25 after shuttling between 10,329.20 and 10,282.05. The rupee also strengthened by 8 paise to end at a fresh one-week high of 64.37 a dollar on sustained selling of the US currency ahead of key macro-economic data. However, the optimism surrounding blue-chip stocks was tempered by the fact that industrial production and retail inflation data are due later this week. Vinod Nair, head of research, Geojit Financial Services, said: “Markets extended gain amid better US economic data which provides the scope of global market stability. On the domestic front, optimism on election results in favor of ruling party continues to attract liquidity in the market. Additionally, CPI and IIP data will hit the street on Tuesday. November CPI is expected to inch up to 4.2 per cent but the market is moving in expected line as strengthening rupee is likely to ease the risk going forward.” Global markets also firmed up. Positive leads from other Asian markets tracking record high at Wall Street following forecast-beating US jobs data came as the trigger. Investors are also eyeing Federal Reserve’s policy meeting later this week. Karthikraj Lakshmanan, senior fund manager, BNP Paribas Mutual Fund, said: “Key indices started the session on a firm note buoyed by positive Asian stocks and a stronger finish on Wall Street, fuelled by a stronger-than-expected jobs report. Additionally, a strong opening on the European bourses gave further fillip to the positive domestic sentiment. Going forward, markets are likely to trade on a volatile note as participants contemplate over the outcome of the ongoing Gujarat assembly elections.” M&M rose 2.16 per cent, followed by Lupin 2.15 per cent. Maruti Suzuki had a stellar run, hit an all-time high, but settled 1.11 per cent higher in the end. HDFC, Wipro, Coal India, SBI, ITC, Bharti Airtel, Sun Pharma and Dr Reddy’s were also in demand. The IT index was the cynosure of all eyes as it climbed 1 per cent.
