Sensex, Nifty up over 1% on strong global cues

After ending flat on Friday, the two domestic equity markets opened strong on Monday, tracking a positive trend in the global markets.

BSE Sensex opened over 300 points up and soon climbed 440.89 points higher to 27,567.79 or 1.63% higher while NSE Nifty was up 1.49% or 124.20 points up at 8,447.40 from Friday's close.

Both markets were tracking the trend in the global markets which turned positive on strong US jobs data.

Asian markets hit their four-week high as strong US jobs data lessened immediate concerns about the health of the world's largest economy, a Reuters report said.

MSCI's broadest index of Asia-Pacific shares outside Japan jumped 1.9% to a one-month top. Australia added 1.8% and Shanghai 1%. Japan's Nikkei climbed 3.5%, its biggest daily gain in three months, following a clear win by the government in upper house elections, it added.

The US economy added 2,87,000 jobs in June well above the median forecasts and a low-base in May.

On the BSE, the top gainers included ICICI Bank at 3.46% up, Bank of India 3.24%, HDFC Bank 1.60%, Tata Motors 2.59%, ITC 1.69%, ONGC 1.23%.

L&T Infotech's over Rs 1,200 crore IPO will be opening on the domestic bourses on Monday. The price band of the issue has been fixed at Rs 705-710 per share.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)