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Sensex zooms by 500 points, Nifty reclaims 8,400-mark

The BSE Benchmark Sensex surged 500 points to close at 11-month high and the NSE Nifty retook the 8,400-mark Monday, primarily driven by a flurry of buying activity, reflecting firm Asian cues.


Sensex zooms by 500 points, Nifty reclaims 8,400-mark

Zee Media Bureau

The BSE Benchmark Sensex surged 500 points to close at 11-month high and the NSE Nifty retook the 8,400-mark Monday, primarily driven by a flurry of buying activity, reflecting firm Asian cues.

Mood took on shine in Asia with Tokyo's Nikkei leading the charge, after Japanese Prime Minister Shinzo Abe's ruling party's victory in parliamentary elections boosted hopes for a fresh stimulus and weekend gains in the US following solid job creation in June, dealers said.

The 30-share index ended higher by 499.79 points, or 1.84 percent, to 27,626.69 points -- a level last seen on October 26 last year.  During intra-day trade, it moved in range of 27,647.48-27,358.23.

NSE Nifty was not behind, trading up 144.70 points, or 1.74 percent, at 8,467.90.

Metals led the rally, followed by auto, banking, PSU and realty. Covering-up of short positions fed the upsurge.

Tokyo`s Nikkei was the stand-out performer in Asia today, with a landslide victory for Prime Minister Shinzo Abe`s ruling party providing extra support. The victory fuelled speculation for a fresh round of stimulus, reportedly worth as much as 20 trillion yen (USD 120 billion), to kickstart the stumbling economy.

Nintendo was the star, soaring more than 20 percent on news that its smartphone game Pokemon Go debuted at the top of the gaming charts. The gains built on a nine percent rise Friday. The Japanese market ended 4.0 percent higher.

Hong Kong rose 1.5 percent, Shanghai added 0.2 percent and Seoul gained 1.3 percent.

Sydney jumped 2.0 percent after the ruling conservative party won last week`s general election, bringing an end to uncertainty that had put the country`s AAA sovereign rating at risk.

From Zee News

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