Indian stocks surged on Monday after strong jobs data in the US buoyed markets across the globe. The Sensex rose over 450 points to above 27,500. This is the highest level of Sensex since October 2015. Nifty was trading at 11-month high near 8,450 levels.
Here are 5 things to know:
1) Asian markets rebounded today after news that the US economy added 287,000 jobs last month, well above median forecasts and recovering ground after a very weak May report. Japan led the rally in Asian markets, surging 3.5 per cent. On Friday, Wall Street rose nearly 1.5 per cent, buoyed by strong jobs data.
2) All the sectoral indices on the BSE traded higher. The rally in the broader markets continued with BSE midcap index rising over 1 per cent to hit a 52-week high of 12,009.
3) All the 50 stocks on the Nifty50 index were trading higher. Gains were particularly strong in banking stocks after the good progress of monsoon spurred hopes of RBI rate cut. ICICI Bank, Bank of Baroda and SBI were up between 2 per cent and 2.5 per cent.
4) Market experts say that Indian markets will take direction from the first quarter earnings numbers. IndusInd Bank will kick off the Q1 earnings season when it reports numbers later today.
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