Sensex rises 102 points on Europe cues; ONGC leads

MUMBAI:Domestic stocks took on more strength on positive cues from Europe as the benchmark Sensex rallied nearly 102 points to hit a three-week high of 28,179. But caution set in as some key banks are due to announce their earnings beginning Tuesday.

The global markets ruled higher Monday on expectations that China will unveil fresh economy-boosting measures. Buying across the board led by oil and gas, banks and auto stocks carried forward the momentum.

The 30-share Sensex, which had lost 53 points on Friday, opened higher and settled at 28,179.08, a gain of 101.90 points, or 0.36%. The NSE 50-share closed up 15.90 points, or 0.18%, at 8,708.95.

Shares of Oil and Natural Gas Corporation rose by nearly 5% as the board is set to consider issuing bonus shares to increase liquidity ahead of government disinvestment.

“Early sluggishness was wiped off on positive cues from European markets and after PSU banks added further gains ahead of a meeting of senior management of banks on Monday to discuss the bad loans issue in specific sectors, including steel, power and infrastructure,” said Anand James, chief market strategist, Geojit BNP Paribas Financial Services.