Sensex jumps 530 points to scale new high on hopes of more reforms

Benchmark indices posted their biggest single-day gain in a month on hopes that the government will announce measures to spur economic growth. Positive developments in the US-China trade tussle fueled gains in global equities and helped boost risk appetite. 

Market players said short-covering and sustained foreign flows ensured markets remained bullish. 

The benchmark Sensex rose 530 points, or 1.3 per cent, to end at 40,889, while the Nifty added 159 points, or 1.34 per cent, to end at 12,074, only 14 points shy of its previous 

all-time closing high on June 3. 

Most global markets advanced after China increased penalties on intellectual property violations,