Sensex up by 294 57 pts

A trader reacts as he watches screens on the floor of the New York Stock Exchange in New York on Feb 5

The BSE benchmark Sensex today posted its biggest intra-day gain in almost 12 months by surging over 470 points to 33,790.19 tracking a relief rally in global markets after better-than-expected United States jobs report. The broader NSE Nifty 50 was trading 131.40 points, or 1.28% higher at to 10,358.25. While the Shanghai Composite gained 0.59 per cent, Hong Kong's Hang Seng edged higher by 1.93 per cent and Japan's Nikkei was up 1.65 per cent. Though it gave up some of the gains, it ended at a one-week high of 33917.94, up 610.55 points, or 1.83 per cent.

Meanwhile, the benchmark BSE Sensex rose by 301.55 points, or 0.90 per cent, to 33,608.69 in opening trade today.

Vinod Nair, head of research, Geojit Financial Services said: "Firm global cues and expectation of ease in domestic inflation to 4.74 per cent excited investors to utilize the bargain opportunity". The BSE Mid-Cap rose 0.76%.

Non-farm payroll data released in the USA last Friday showed a strong growth of 313,000 jobs.

Asian stocks from Tokyo to Sydney gained as trade war concerns took a backseat to economic optimism following a USA jobs report on Friday that showed that the American economy continued to strengthen without the prior month's rapid wage gains that stoked inflation fears. Strong economic indicators have bolstered the US Federal Reserve's case for higher interest rates and have given fresh impetus to the bull market in global equities.

The benchmark indices have lost ground in seven of the last nine trading sessions. Market participants are cautiously awaiting Consumer Price Index (CPI) and Index of Industrial Production (IIP) data. Foreign investors started selling in the equity market after Budget presentation in February which also coincided with the rise in bond yields in the US.

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