Markets soar, Sensex up more than 300 points
Key benchmark indices extended initial gains in early morning trade on Monday, with the barometer index, the S&P BSE Sensex, and the Nifty 50 index, both, hitting their highest level in almost a week. Earlier in the day Sensex was up 331.13 points or 1.31% at 25,554.93. The Nifty was up 98.55 points or 1.27% at 7,832. The Sensex jumped 338.93 points or 1.34% at the day's high of 25,567.43 in morning trade, its highest level since 3 May 2016. The barometer index rose 74.36 points or 0.29% at the day's low of 25,302.86 at the onset of the trading session. The Nifty gained 103 points or 1.33% at the day's high of 7,836.45 in morning trade, its highest level since 3 May 2016. The index rose 20.10 points or 0.25% at the day's low of 7,753.55 at the onset of the trading session.
In overseas stock markets, Asian stocks witnessed a mixed trend. Stocks fell in mainland China after the latest data showed that China's exports and imports fell more than expected in April, underlining weak demand at home and abroad. The Shanghai Composite was currently down 2.23%. In Hong Kong, the Hang Seng index was currently up 0.37%. China's exports declined 1.8% in April in dollar terms, reversing an increase of 11.5% the previous month, the General Administration of Customs said yesterday, 8 May 2016. Imports in April fell by a sharper-than-expected 10.9% from a year earlier, compared with a 7.6% drop in March.
US stocks posted modest gains on Friday, 6 May 2016, as the weaker-than-expected April job report fanned expectations that the Federal Reserve would have to hike interest rates at a very slow pace. US non-farm payrolls increased by 160,000 in April, the smallest gain since September, and below market expectations.Closer home, the broad market depicted strength. There were more than two gainers against every loser on BSE. 1,323 shares rose and 487 shares fell. A total of 74 shares were unchanged. The BSE Mid-Cap index was currently up 0.91%. The BSE Small-Cap index was currently up 0.9%. Both these indices underperformed the Sensex.