Finance

Sensex Surges Nearly 400 Points, Banks Lead Gains

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BSE Sensex and Nifty moved higher on Monday, tracking a broad rally in Asian markets. The Sensex surged as much as 386 points while Nifty edged above 8050 levels.

A lower-than-estimated jobs addition in the US has added to expectation that the US Fed may refrain from raising key interest rates this year, fueling a rally in global markets. The US jobs data was released on Friday. The possibility of the Fed delaying the lift-off date for rates also meant its loose policy, which has helped shore up stock markets globally by providing cheap cash, would continue a little longer.

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