By 9:22 am, the BSE Sensex had jumped 654 points or 1.33 per cent to 49,754.57. All of its components except Bharti Airtel traded in the green. The NSE Nifty was quoting at 14,725.35, up 196.20 points or 1.35 per cent.
The BSE Midcap index gained 0.65 per cent while the BSE Smallcap index added 0.81 per cent.
Among Sensex stocks, Power Grid climbed 3.28 per cent to Rs 221.85. Mahindra & Mahindra advanced 3.23 per cent to Rs 830.85. ONGC added 3.10 per cent to Rs 114.60. Bharti Airtel fell 2.26 per cent to Rs 540.65.
UltraTech Cement, IndusInd Bank and Asian Paints rose up to 3 per cent.
“A pullback could extend into the 14770-900 region, but a push beyond the same could complete the upside breakout of a flag pattern that the declines from the February peak is seemingly fitting in. This would also mean that the 16000-plus view is back in the radar,” said Geojit Financial Services.
Earlier in the day, Asian shares climbed up to 2 per cent as calmness returned to bond markets after last week’s wild ride. The progress in the huge US stimulus package underpinned optimism about the global economy. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent, after shedding 3.7 per cent last Friday. Japan’s Nikkei rallied 2.10 per cent. Hong Kong’s Hang Seng gained 1.03 per cent while China’s Shanghai Composite added 0.5 per cent.
On Saturday, the US House of Representatives passed a $1.9 trillion coronavirus relief package. Democrats who control the chamber approved the sweeping measure by a mostly party-line vote of 219 to 212 and sent it to the Senate, where Democrats planned a legislative manoeuvre to allow them to pass it without the support of Republicans, agencies reported. On Friday, the S&P500 declined 18.19 points, or 0.5 per cent, to 3,811.15. The Dow Jones Industrial Average fell 469.64 points, or 1.5 per cent, to 30,932.37. But the Nasdaq rose 72.91 points, or 0.6 per cent, to 13,192.34.
