Equities elsewhere in Asia as well as US stock futures advanced on Monday amid hopes of a quick economic recovery.
Agencies
Mumbai, June 8:
Domestic stock markets started the week on a positive note as a surprise recovery in US employment led to gains in Asian markets. The S&P BSE Sensex index opened 553.93 points higher at 34,841.17, and the broader NSE Nifty 50 benchmark started the day at 10,326.75, up 184.6 points from the previous close. Last week, the Nifty had risen 5.9 per cent and the Sensex climbed 5.75 per cent, with both the indices recording their second straight weekly gain.
At 9:23 am, the Sensex traded 597.14 points – or 1.74 per cent – higher at 34,884.38 while the Nifty was up 178.25 points – or 1.76 per cent – at 10,320.40.
Equities elsewhere in Asia as well as US stock futures advanced on Monday amid hopes of a quick economic recovery after many weeks of lockdowns aimed at controlling the coronavirus pandemic.
MSCI’s broadest index of Asia Pacific shares outside Japan was last seen trading 0.43 per cent higher, while Japan’s Nikkei 225 benchmark was up 0.93 per cent. China’s Shanghai Composite, Hong Kong’s Hang Seng and South Korea’s KOSPI indices were up 0.45 per cent, 0.50 per cent and 0.16 per cent at the time.
The E-Mini S&P 500 futures rose 0.30 per cent in early Asian trade, indicating a positive opening for the US markets on Monday.
US non-farm payrolls rose by 2.509 million jobs last month – in contrast with consensus estimates of a fall of 8 million jobs after a record plunge of 20.687 million in April.
The Labor Department’s closely watched employment report also showed the jobless rate falling to 13.3 per cent last month from 14.7 per cent in April, a post-World War Two high. Economists had forecast the rate jumping to 19.8 per cent.
On Friday, the Sensex had ended 306.54 points – or 0.90 per cent – higher at 34,287.24, and the Nifty settled at 10,142.15, up 113.05 points – or 1.13 per cent – from its previous close.
