The key Indian equity indices on Monday witnessed the biggest intra-day gains in around two years with the benchmark BSE Sensex index surging by over 600 points and the Nifty50 of the National Stock Exchange (NSE) by almost 200 points.According to market observers, across-the-board buying, as well as positive cues from the global markets on easing trade war fears and hopes of easing inflation in the Consumer Price Index (CPI) data at home slated for release after market hours, lifted the indices by gains last seen in March 2016.On the NSE, the wider Nifty50 edged higher by 194.55 points, or 1.90 per cent, to close trade at 10,421.40 points.The barometer 30-scrip Sensitive Index (Sensex) closed at 33,917.94 points -- up 610.80 points, or 1.83 per cent, from the previous session's close.The Sensex touched a high of 33,962.48 points and a low of 33,468.16 points during the intra-day trade.However, the BSE market breadth remained tilted to the bearish with 1,370 declines and 1,346 advances."Markets rallied sharply today with the Nifty breaking out of the 10,444 resistance in the process. The gains came on the back of positive global equity markets as international trade-war concerns took a backseat to economic optimism following a stronger US jobs report released over the weekend," Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS.
"Gains were led by ITC, HDFC and Reliance Industries. Broad market indices like the BSE mid-cap and small-cap indices gained less, thereby underperforming the main indices," Jasani added.In terms of the broader markets, the S&P BSE mid-cap index edged higher by 0.76 per cent and the small-cap index by 0.56 per cent.Vinod Nair, Head of Research, Geojit Financial Services, said: "Firm global cues and expectation of ease in domestic inflation to 4.74 per cent excited investors to utilise the bargain opportunity.""Investors are positive on blue chips on expectation of faster recovery, however, mid and small cap witnessed reluctance due to high valuation," Nair said.On the currency front, the Indian rupee strengthened by 13 paise to close at 65.04 against the US dollar from its last week's close at 65.17.Provisional data with the exchanges showed that foreign institutional investors turned net buyers and purchased scrips worth Rs 374.65 crore. However, domestic institutional investors sold stocks worth Rs 464.59 crore.All the 19 sub-indices of the BSE closed with gains led by the S&P BSE banking index, which escalated by 437.70 points.It was followed by the auto (up 335.17 points), metal (up 325.30 points), oil and gas (up 321.28 points), capital goods (up 228.70 points) and FMCG (up 219.37 points) indices.Major Sensex gainers on Monday were: Bharti Airtel, up 4.68 per cent at Rs 420.75; NTPC, up 4.33 per cent at Rs 171; ITC, up 4.09 per cent at Rs 270; Tata Motors, up 3.07 per cent at Rs 352.20; and Tata Steel, up 2.82 per cent at Rs 622.70.The Sensex losers were: Coal India, down 2.26 per cent at Rs 297.80 and State Bank of India, down 0.12 per cent at Rs 252.85.