Global rally spurs indices, Sensex rises 600 points

Gaining over 350 points during the day the Sensex was at 33,630.39 points up 323.25 or 0.97% at 11am

After opening on a strong footing, the Sensex gained 610.80 points (1.83%) to close at 33,917. On Friday, the three major U.S. stock indices climbed nearly 2 per cent and the Nasdaq closed at a record high, as February's jobs report assuaged fears of inflation and aggressive interest rate hikes.

On global Front; Asian markets shut the day on green note while European indices were trading in green.

The NSE Nifty50 fell by 15.80 points or 0.15 per cent to close at 10,226.85 points, while the BSE Sensex closed at 33,307.14 points - down 44.43 points or 0.13 per cent. 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.

"Global stocks gained as worldwide trade war concerns waned and were replaced by economic optimism following a stronger U.S. jobs report", said Karthikraj Lakshmanan, senior fund manager at BNP Paribas Mutual Fund.

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The US Labor Department said that non-farm payroll employment surged up by 313,000 jobs in February, the biggest gain since mid-2016.

Risk appetite improved after US data showed nonfarm payrolls jumped by 313,000 jobs last month, but annual growth in average hourly earnings slowed to 2.6 percent after a spike in January.

Jayant Manglik, President, Religare Broking, "the market opened gap up, tracking firm global cues and traded range bound in the first half". It was indeed a surprise up-move but sustainability above 10400 will be crucial for further recovery. Market participants are cautiously awaiting Consumer Price Index (CPI) and Index of Industrial Production (IIP) data.

Trading was brisk across global markets. Foreign investors started selling in the equity market after Budget presentation in February which also coincided with the rise in bond yields in the US.

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