Sensex spurts over 400 points to trade at 61,000 level

Mumbai: Equity benchmark BSE Sensex rose by 412 points to trade above the 61,000 level while NSE Nifty advanced 118 points in morning trade on Monday on the back of gains in IT, banking and FMCG shares after positive quarterly earnings.

The 30-share BSE barometer spurted by 412.73 points or 0.68 per cent to 61,034.50 as 25 of its constituents traded in the green. The index opened at 60,876.01 against the previous close of 60,621.77.

The 50-issue Nifty of the National Stock Exchange rose by 118.80 points or 0.66 per cent to 18,146.45 points with 40 of its scrips advancing.

The index opened strong at 18,118.45 and touched a high of 18,150.85 in early deals.

Gains in Reliance Industries, HDFC twins, SBI and Infosys boosted the rally in the benchmark indices.

Among Sensex pack, Power Grid, Tata Motors, HDFC Bank, HDFC, Reliance Industries, Infosys, ICICI Bank, Kotak Bank, Mahindra & Mahindra, SBI, HUL and Nestle were the major gainers.

Ultratech Cement fell the most by 1.6 per cent, while NTPC, Tata Steel and Asian Paints were also trading lower.

"Early Q3 results broadly have been positive with IT companies and banks delivering good results. This trend continues with the latest results from ICICI and Kotak Bank. Reliance, too, has delivered a decent set of numbers," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said.

Most Asian markets were closed for the Lunar New year holiday, with markets in Shanghai shut for the whole week.

Tokyo's Nikkei 225 index rose by 1.1 per cent and the S&P/ASX 200 in Sydney advanced 0.1 per cent after a rally in US stocks on Friday. The S&P 500 on Friday rose by 1.9 per cent while the Dow Jones Industrial Average gained 1 per cent. The Nasdaq added 2.7 per cent on gains in tech stocks.

Brent crude, the price benchmark for international trading, gave up 40 cents to USD 87.23 per barrel.

The rupee rose by 19 paise to breach the 80 level against the US currency for the first time in two months on Monday.