Sensex, Nifty Surge On Firm Global Cues

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Worries about a new 10 percent long-term capital gains tax and fears of a central bank rate hike added to the woes.

The wider Nifty50 of the National Stock Exchange held the 10,500-mark and closed higher by 84.80 points or 0.81 per cent at 10,539.75 points.

While the midcap index closed 217 points higher at 16,852 level, the small cap index rose 290 points to 18,463 points.

On the macro front, the government will announce inflation data based on consumer price index (CPI) for January and industrial production data for December 2017 to be released after market hours today.

Tata Steel (4.22%), YES Bank (2.89%) and PowerGrid (2.51%) were the top gainers on Sensex. Market will remain closed on account of Mahashivratri on Tuesday.

SBI which reported its Q3 earnings on Friday was the top Sensex loser.

N.Korean delegation leaves S.Korea
South Korea has strict security laws that normally ban the playing of the North's anthem and the raising of its flag. Kim Hyon-hui, a former North Korean agent responsible for the bombing of Korean Air flight 858 in 1987.

"Attraction is back into pharma stocks", he added.

Market breadth was negative with 1,327 advances against 1,205 declines.

In the S&P BSE 500 index Bajaj Electricals, HEG, Rain Industries, Fortis Healthcare, Jet Airways, 8K Miles, Shankara Building Products, SAIL, Polaris Consulting rose 10-20 percent in the week gone by.

Meanwhile, Nifty Bank index of which Bank of Baroda is a constituent, has added around 1.69% in last one month and is now quoting at 25463.65, up 0.65% on the day.

The valuation of India market still remains to be rich; hence, any correction owning to global volatility should be used as a buying opportunity to dig into quality stocks. It traded at 64.28 to a dollar at 11.20 am, against Friday's close of 64.40.