Sensex up by 294 57 pts

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

The Sensex surged 610.80 points to end at 33,917.94.

While the strong growth in US jobs data indicated strong recovery in US economy, the moderation in average hourly wage gains eased concern regarding higher inflation and aggressive hike in interest rate by the US Federal Reserve in 2018. The 50-share Nifty was trading 102.80 points or 1.01% higher at 10,329.65. While the Shanghai Composite gained 0.59 per cent, Hong Kong's Hang Seng edged higher by 1.93 per cent and Japan's Nikkei was up 1.65 per cent.

Positive Asian stocks boosted sentiment on the domestic bourses while global stocks gained as worldwide trade-war concerns abated and were replaced by economic optimism following a stronger U.S. jobs report released over the weekend.

Global markets rallied after the United States data indicated that non-farm payrolls jumped from last month, but annual growth in average hourly earnings slowed after a spike in January, easing fears of inflation and speculation the Federal Reserve would project four rate hikes instead of the current three.

The benchmark index of Bombay Stock Exchange (BSE) on Monday spurted by 294.57 points to 33,602.71 on capital inflows by foreign funds ahead of key IIP to be released today.

Firm trend in other Asian markets and higher opening in European bourses, following a good show by Wall Street on Friday, lifted investors' mood in domestic markets. However, short covering in the latter half triggered fresh momentum in the latter half and nearly all the sectoral indices participated in the move. At 11.06 a.m, the Sensex was trading up 317.57 points or 0.95% at 33,624.71 with 24 components gaining.

Market participants will keep a close eye on domestic macro-economic data releases. Rising bond yields, weak global markets and banking woes have led to the sell-off.

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