The market extended rally in morning trade with the Nifty reclaiming 8450 level for the first time since August 2015. The 30-share BSE Sensex rose 466.49 points or 1.72 percent to 27593.39 and the 50-share NSE Nifty was up 132.35 points or 1.59 percent at 8455.55. The broader markets remained strong with the Midcap index hitting record high. The market breadth was strong as about four shares advanced for every share falling on the Bombay Stock Exchange. All sectoral indices traded in green with the PSU Bank and Infra rising the most. ICICI Bank, HDFC Bank, HDFC, Tata Motors, L&T, ITC and SBI surged 2-4 percent.
Asia markets traded higher, bolstered by election results in Japan and Australia and shrugging off concerns a strong US jobs report might push the Federal Reserve closer to hiking rates.
The market has opened at new 2016 high while the midcap index is at 11-month high. The Sensex is up 368.52 points or 1.4 percent at 27495.42, and the Nifty is up 104.45 points or 1.2 percent at 8427.65. About 932 shares have advanced, 111 shares declined, and 36 shares are unchanged.
The Indian rupee gained in the early trade. It has opened higher by 24 paise at 67.12 per dollar versus 67.36 Friday.
"Rupee is expected to trade with a positive bias, taking cues from global equity market. The trading range for the spot USD-INR pair will be 67-67.50/dollar."