Sensex up 10% in 9 sessions

Stocks surged to their highest close in nearly two months as investors bought blue chip stocks in anticipation of strong earnings and a bullish sentiment in the global markets.

The bellwether Bombay Stock Exchange (BSE) Sensex rose by 311 points (2.33 per cent) to 13,695.58 points "" the highest close since February 23.

The broader S&P CNX Nifty breached past the crucial 4,000 mark for the first time since February 22 "" the index closed higher by 96 points (2.45 per cent) at 4,013.35 points. The Sensex is now 1,028 points short of its all-time high of 14,723.88 points.

With Monday's gain, Sensex has gained by 1,240 points or nearly 10 per cent in nine sessions straight from the fall of April 2, following the cash reserve ratio hike by the Reserve Bank of India on March 30.

The index had plunged by 616.73 points, its biggest single-day fall since May 18 last year on that day. The NSE-50 Index has gained 379.75 or 10.45 per cent from 3,633.60 points from April 2.

Investor wealth rose by Rs 3,21,557 crore in the last nine sessions "" a gain of Rs 35,728 crore a day. "Q4 results, till now, is very healthy. Investor confidence in the markets seems to be coming back. Foreign funds are also buying in a major way," said an analyst with a local brokerage house.

On Monday's rally was dominated by capital good, oil & gas and cement stocks, while information technology stocks, whose Q4 results are widely awaited given the rupee appreciation, also did well.

Tata Consultancy was up 1.4 per cent to Rs 1,280, while Infosys Technologies moved northwards by 2 per cent to Rs 2,128.3.

Wipro was also in green with gains of 3.3 per cent to Rs 586.6.

Sensex heavyweight Reliance Industries was up 3.50 per cent to Rs 1,451"" a new all-time high as its market capitalisation crossed Rs 2 lakh crore.