The 30-share BSE Sensex gained nearly 400 points and the 50-share NSE Nifty more than 100 points due to rally across the globe after European leaders agreed to stabilise debt markets.
Jonathan Garner of Morgan Stanley believes that the emerging markets are discounting a recession scenario at the moment. In his opinion, allowing the European stability mechanism and direct recapitalization of banks are seen as positive developments. Garner expects 20-40% returns from the Indian equity market in the next six months.
The BSE benchmark rose 384.42 points or 2.26% to 17,375.18 and the NSE benchmark was up 113.70 points or 2.21% at 5,262.85.
Engineering and construction major by sales Larsen & Toubro, steel and power producer JSPL, state-owned power equipment manufacturer, private power producer Tata Power and top car maker Maruti Suzuki topped the buying list, rising 4-5%.
Stocks hit 52 week high - ITC rallied 3% and Vakrangee Software gained 2.7%.
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