Fresh buying in index pivotals pushed the key indices to fresh intraday high in mid-afternoon trade. At 14:28 IST, the barometer index, the S&P BSE Sensex, was up 391.23 points or 1.07% at 37,062.66. The Nifty 50 index was up 125.60 points or 1.14% at 11,161.00. The Sensex was currently trading above the psychological 37,000 mark after moving above and below that level in intraday trade. Metal and mining stocks gained.
Trading for the week began on upbeat note on buying demand in index pivotals. The Sensex held firm in morning trade. Key benchmark indices extended gains and hit fresh intraday high in mid-morning trade.
The S&P BSE Mid-Cap index was up 1.83%. The S&P BSE Small-Cap index was up 1.58%. Both these indices outperformed the Sensex.
The market breadth, indicating the overall health of the market, was strong. On the BSE, 1755 shares rose and 840 shares fell. A total of 167 shares were unchanged.
Index heavyweight Reliance Industries gained 1.85% to Rs 1,290.
Metal and mining stocks gained. Vedanta (up 3.25%), JSW Steel (up 1.78%), Tata Steel (up 2.55%), Steel Authority of India (Sail) (up 3%), Hindustan Zinc (up 1.5%), Jindal Steel & Power (up 3.88%), Hindalco Industries (up 2.61%), NMDC (up 0.27%), Hindustan Copper (up 1.62%) edged higher. National Aluminium Company (down 4.66%) declined.
Meanwhile, Lok Sabha elections will be held in seven phases from April 11 to May 19 and counting will take place on May 23. However, elections for the Jammu and Kashmir Assembly, will not be held along with the Lok Sabha polls due to security reasons, the Election Commission said on Sunday.
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Overseas, European stocks were trading higher, lifted by the oil and mining sectors. Most Asian stocks edged higher as Chinese markets rebounded on hopes of more policy support for the slowing economy. China's central bank on Sunday pledged to increase loans and lower borrowing costs after a sharp drop in bank lending in February.
Investors awaited more details about US - China trade talks. US stocks finished lower Friday for a fifth session in a row, after a disappointing jobs report added to concerns about slowing global growth.
Labor Department announced the U.S. economy added just 20,000 new jobs in February. The unemployment rate fell to 3.8% from 4%, while workers saw an 11 cent-an-hour increase in average hourly earnings, the largest gain since the end of the 2009 recession.
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