Sensex climbs 650 points, Nifty tops 14,700 on US stimulus hopes, ease in bond yields

NEW DELHI: Benchmark indices climbed on Monday, monitoring a rally throughout Asia, as buyers cheered progress over the $1.9 trillion covid rescue plan in the US. Stocks additionally gained, as 10-year US treasury yields dropped, easing investor issues over widening of its hole with incomes yields.

By 9:22 am, the BSE Sensex had jumped 654 factors or 1.33 per cent to 49,754.57. All of its parts besides Bharti Airtel traded in the inexperienced. The NSE Nifty was quoting at 14,725.35, up 196.20 factors or 1.35 per cent.

The BSE Midcap index gained 0.65 per cent whereas the BSE Smallcap index added 0.81 per cent.

Among Sensex shares, Power Grid climbed 3.28 per cent to Rs 221.85. Mahindra & Mahindra superior 3.23 per cent to Rs 830.85. ONGC added 3.10 per cent to Rs 114.60. Bharti Airtel fell 2.26 per cent to Rs 540.65.

UltraTech Cement, IndusInd Bank and Asian Paints rose as much as 3 per cent.

“A pullback could extend into the 14770-900 region, but a push beyond the same could complete the upside breakout of a flag pattern that the declines from the February peak is seemingly fitting in. This would also mean that the 16000-plus view is back in the radar,” stated Geojit Financial Services.

Earlier in the day, Asian shares climbed as much as 2 per cent as calmness returned to bond markets after final week’s wild journey. The progress in the large US stimulus bundle underpinned optimism in regards to the world economic system. MSCI’s broadest index of Asia-Pacific shares outdoors Japan edged up 0.1 per cent, after shedding 3.7 per cent final Friday. Japan’s Nikkei rallied 2.10 per cent. Hong Kong’s Hang Seng gained 1.03 per cent whereas China’s Shanghai Composite added 0.5 per cent.

On Saturday, the US House of Representatives handed a $1.9 trillion coronavirus reduction bundle. Democrats who management the chamber permitted the sweeping measure by a largely party-line vote of 219 to 212 and despatched it to the Senate, the place Democrats deliberate a legislative manoeuvre to permit them to go it with out the assist of Republicans, companies reported. On Friday, the S&P500 declined 18.19 factors, or 0.5 per cent, to three,811.15. The Dow Jones Industrial Average fell 469.64 factors, or 1.5 per cent, to 30,932.37. But the Nasdaq rose 72.91 factors, or 0.6 per cent, to 13,192.34.