Market momentum continues, Sensex regains 26k amid F&O expiry
Mumbai : The benchmark Sensex rallied by over 187 points to recapture the 26,000-mark, bringing up gains for the third straight day on rebound in oil prices amid May derivatives expiry and mixed Asian cues.
Sentiment remained sunny as oil advanced to USD 50 a barrel for the first time this year as US industry data showed a decline in stockpile. The G7 summit in Japan to take stock of the global economy also infused a sense of confidence.
Short-covering by participants with today being the last trading session of May series of derivative contracts supported the upmove.
The 30-share index was trading higher by 187.44 points, or 0.72 per cent, at 26,068.61. The gauge had gained 650.81 points in the previous two sessions.
Stocks of capital goods, oil and gas, power, auto, metal and banks gave the rally a leg, rising up to 5.99 per cent.
The NSE Nifty rose 51.45 points, or 0.64 per cent, to 7,986.35.
A mixed trend at other Asian markets tracking overnight gains in the US market, driven by rising oil prices, influenced sentiment, brokers said.
Globally, Japan’s Nikkei moved up by 0.29 per cent while Hong Kong’s Hang Seng shed 0.17 per cent in early trade.
The US Dow Jones Industrial Average ended 0.82 per cent higher yesterday.