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The BSE index gained 610.80 points to close at 33,917.94, while the broader 50-share NSE Nifty went up by 197.05 points to finish trading at 10,423.90. Both the benchmark indices gained 2 per cent during the day.
The surge in the market came as a result of a combination of factors in the global as well as domestic markets. The investors factored in a favourable showing in the inflation and factory output data, slated to be released later in the day. On the other hand, global markets rallied after the US data indicated that non-farm payrolls jumped from last month, but annual growth in average hourly earnings slowed after a spike in January, easing fears of inflation. Analysts said that the six-day losing streak that had gripped the markets last week, facilitated investors to indulge in some lo-level buying.
On Monday, the markets had started trading on a positive note with Sensex recording a jump of more than 300 points. As the day progressed, the gains got extended with the FMCG and metal stocks leading the rally. The respective sectoral sub-indices gained more than 2.50 per cent each. State-run bank stocks however, were still struggling with the Nifty PSU Bank index actually closing with a loss of half a per cent even amid the bull run.