Sensex zooms 583 points on low chances of a US rate hike (Third Lead)

Lessened chances of a US rate hike coupled with a strengthening rupee cheered investors and led a barometer index of the Indian equity markets to provisionally close over 583 points up on Monday.

Other factors that pushed equity prices higher on Monday included stable Asian markets, continuation of the positive bias imbibed by last week's monetary easing, and optimism surrounding a healthy earnings seasons due to lower commodities.

The barometer 30-scrip sensitive index (S&P Sensex) of the Bombay Stock Exchange previously closed with gains of 66.12 points or 0.25 percent on Thursday. The Indian markets were closed on Friday, October 2 on the account of Gandhi Jayanti.

On Monday, an upward trajectory was also witnessed at the wider 50-scrip Nifty of the National Stock Exchange (NSE). It provisionally closed 175 points or 2.20 percent higher at 8,125.45 points.

The S&P BSE Sensex which opened at 26,379.42 points, provisionally closed at 26,804.24 points (3.30 p.m.) -- 583.29 points or 2.22 percent up from the previous day's close at 26,220.95 points.

The Sensex touched a high of 26,822.42 points and a low of 26,375.31 points in the intra-day trade.