Markets Rebound On Positive Global Cues; Sensex Up 430 Points, Nifty Jumps 117 Points

The market sentiments were buoyed by the recovery in the global markets with Dow Jones Industrial Average closing 211.25 points higher.

The gains were marked by stocks in banking, auto, healthcare, oil and gas, consumer goods and IT stocks. (Courtesy: Getty Images)

New Delhi, May 8:  After ending on a negative note, the markets rebounded on Friday with the Sensex rallying more than 600 points in the opening session on the back of positive global cues. The 30-share BSE surged 430 points at 31,872.51 while NSE Nifty jumped 117.60 points, or 1.75 per cent, to 9,316.65 at 10 AM. On Thursday, Sensex slipped 242 points or 0.76 per cent to end at 31,443.38 while NSE's Nifty settled at 9,199.05, down 72 points or 0.78 per cent. The gains were marked by stocks in banking, auto, healthcare, oil and gas, consumer goods and IT stocks. The market sentiments were buoyed by the recovery in the global markets. Hindustan Unilever rallied up to 3.40 per cent, to Rs 2,058.90 on the BSE, followed by IndusInd Bank, which surged 2.50 per cent to Rs 465, Reliance Industries was up 2.25 per cent to Rs 1,541.30, Kotak Bank, by 2 per cent, to Rs 1,224.35 and Axis Bank, up by 2 per cent, to Rs 405.30. Mukesh Ambani yet again sold a stake in Reliance Jio for a third time in three weeks. On Thursday, the industrialist sold a stake 2.32 per cent equity stake for ₹11,367 crore in Jio Platforms on a fully diluted basis to US-based Vista Equity Partners. On the banking front Yes Bank is trying to raise Rs10,000-12,000 crore through a follow-on public offer (FPO), rights issue or qualified institutional placement (QIP. In a move to safeguard investors’ money, Sebi has advised Franklin Templeton India to focus on refunding investors' money at the earliest following closure of its six schemes with over ₹25,000 cr in assets. Meanwhile, Wall Street's major averages closed higher as investors digested the newly-released weekly report on US jobless claims. On Thursday, the Dow Jones Industrial Average jumped 211.25 points, or 0.89 per cent, to 23,875.89. The S&P 500 increased 32.77 points, or 1.15 per cent, to 2,881.19. The Nasdaq Composite Index advanced 125.27 points, or 1.41 per cent, to 8,979.66, Xninhua news agency reported. Nine of the 11 primary S&P 500 sectors ended higher, with energy and financials up 2.47 per cent and 2.22 per cent, respectively, outpacing the rest. Consumer staples and health care, however, struggled. The moves came after more data showed the Covid-19 pandemic continues to wreak havoc on the US economy. Around 3.169 million Americans filed for unemployment benefits in the week ending May 2, the US Department of Labor said. It brings the seven-week tally to about 33.5 million. Investors also gauged the possibility of normalizing economic activities as a growing number of US states planned to relax coronavirus-driven lockdowns. "The main areas of interest will be seeing if there are any hot spots or flare-ups after businesses reopen," Kevin Matras, an analyst at Zacks Investment Research, said in a note on Thursday. Also Watch: Are COVID-19 patients Are COVID-19 patients dying of blood clotting? | Sacchai Ka Sensex (With inputs from IANS)