Sensex zooms 576 pts to log biggest gain in nearly 3 mths

Market benchmark Sensex today soared nearly 576 points -- its biggest single-session gain in nearly three months -- to end at 25,881.17 and the NSE Nifty crossed the 7,900-mark on a flurry of buying by foreign funds and retail investors amid a firm overseas cues.
The rupee recovering against the dollar from 2-1/2 month low and a string of encouraging earning numbers also contributed to the upmove amid covering-up of pending short positions by speculators ahead of tomorrow's May monthly expiry in the derivatives segment, brokers said.
Buying activity gathered momentum as global equities rallied after investors also adjusted to the prospect of a US rate hike in the near future amid a surge in home sales.

The Sensex opened strong at 25,432.10 and continued to rise to hit the day's high of 25,897.87. Finally, it settled at one-month high of 25,881.17, a gain of 575.70 points or 2.28 per cent -- its biggest single-day gain since March 1.
The 50-share NSE Nifty recaptured the 7,900-mark to hit a high of 7,941.20 before winding up at 7,934.90, a hefty rise of 186.05 points or 2.40 per cent.
From the 30-share Sensex pack, 29 scrips ended higher. Cipla ended in the red with a fall of 4.97 per cent at Rs 470.30 after pharma major March numbers came below market expectations.

ICICI Bank emerged as the top gainer from the index by climbing 4.48 per cent to Rs 234.45 while BHEL jumped 4.34 per cent to Rs 122.65 after the company said it has commissioned the first 800 mw supercritical thermal unit in Raichur, Karnataka.

Shares of Bajaj Auto climbed 3.96 per cent to Rs 2,478.85 after the company reported 29.18 per cent growth in standalone net profit to Rs 803.06 crore for the fourth quarter ended March 31.
Other major gainers included L&T 4.02 per cent, Maruti (3.47 pc), SBI (3.30 pc), HDFC Ltd (2.87 pc), HDFC Bank (2.80 pc), GAIL (2.76 pc), Asian Paint (2.74 pc), Axis Bank (2.67 pc), NTPC (2.46 pc), TCS (2.40 pc), ITC Ltd (2.24 pc) and Tata Steel (2.13 pc).

Sectorally, the BSE banking index gained the most by rising 3.17 per cent followed by capital goods (2.96 pc), IT (2.25 pc), teck (2.21 pc), power (2.04 pc), oil&gas (2.01 pc), FMCG (1.88 pc), infrastructure (1.82 pc), auto (1.82 pc), PSU (1.77 pc) and metal (1.10 pc).
Broader markets too were in a bullish form with BSE mid-cap rising 0.97 per cent and the small-cap up 0.94 per cent.
Meanwhile, the government today approved the first-ever policy for the country's capital goods sector envisaging creation of over 21 million new jobs by 2025.
In Asian markets, Japan's Nikkei surged 1.57 per cent while Hong Kong's Hang Seng rose 2.77 per cent. However, Shanghai composite index slipped 0.23 per cent.

European markets were trading in the positive terrain with the London FTSE rising 0.68 per cent, while Paris up 1.15 per cent.