Sensex up 479 pt, Nifty rises 150 pt

Mumbai: The BSE Sensex soared 479 points to settle at 27,490.59 on across- theboard buying led by auto, realty and refinery stocks, as investors took fresh positions after persistent selling in April. The NSE Nifty rose by 150.

The equity markets rebounded sharply on Monday led by state owned upstream oil companies following reports that the government is likely to exempt them from bearing the oil subsidy burden for this financial year.

Additionally, healthy sales numbers registered by leading auto companies for the month of April also triggered heavy buying in auto stocks, which helped the markets to maintain their winning momentum through out the day.

The Sensex opened the day on a positive note and surged 479.28 points or 1.77 per cent to end the trading session at 27,490.59.

The NSE Nifty gained 150.45 points or 1.84 per cent to close above its 200day moving average at 8,331.95.

While the buying momentum remained strong on Monday, experts said that the markets are likely to move in a range bound manner till there is greater clarity on the issue of Minimum Alternate Tax and Land Acquisition amendment Bill.

“If clarity emerges on MAT and the Land Acquisition Bill, we could see fresh buying coming in to the market. Till, that time, the Nifty is expected to move in a range of 8,0508,350 levels,” said Deven Choksey, the managing director of K. R. Choksey Securities.

On Monday, the stocks of oil companies like ONGC and Oil India jumped 7.57 per cent and 6.22 per cent on reports that the government would bear the entire subsidy bill that oil marketing companies incur on selling LPG and kerosene below market prices.