Market thumbs up approval to pay hike; Sensex reclaims 27,000-mark, Nifty above 8,300

Zee Media Bureau

New Delhi: Rising global stocks had a rub-off on Indian market Thursday as the Sensex reclaimed the 27,000-mark by climbing over 300 points, with Brexit fears slowly starting to subside amid the June derivatives expiry.

This was the fourth straight day that the Sensex brought up gains.

The rupee's improving fortunes against the dollar buoyed mood too. Short-covering by participants with today being the last trading session of the June series of derivative contracts supported the upmove.

Yesterday, a string of economy-boosting policy decisions taken by the Cabinet, including approval to 7th pay panel recommendations, also brought back investors from the sidelines.

Sentiment was bolstered on hopes that the long-awaited GST Bill may be passed in the upcoming monsoon session of Parliament.

The 30-share index was trading higher by 325.15 points, or 1.22 percent, at 27,065.54 after moving in range of 27,069.23 - 26,872.59. The gauge had gained 342.68 points in the previous three sessions.

The NSE Nifty rose 99.25 points, or 1.21 percent, to 8,303.25.

As worries about Britain's vote to exit the European Union and its impact on the global economy abated, a firm trend in Asia tracking overnight gains in Europe and the US influenced sentiment, brokers said.

London share prices surged, wiping out post-Brexit losses. On Wednesday, London's benchmark FTSE 100 closed 3.58 percent higher, which is above its level on the day of Brexit referendum.

Globally, Japan's Nikkei moved up by 0.82 percent while Hong Kong's Hang Seng gained 1.73 percent in early trade.

The US Dow Jones Industrial Average ended 1.64 percent higher yesterday.