Sensex rise on strong global cues

Mumbai: The markets bounced back sharply from their recent fall amidst a strong rally in global stocks after the minutes of the latest meeting of the US Fed signaled a more cautious approach to future interest rate hikes forcing traders to aggressively square-off their bearish bets on the Indian equities.

The unexpected rally in the markets saw investors wealth increase by Rs 1.67 lakh crore on Thursday. The Sensex rallied to a record high and closed the session at 30,750.03, gaining 448.39 points or 1.48 per cent.

Snapping its five-day loosing streak, the Nifty vaulted 149.20 points or 1.59 per cent to close the day at 9,509.75.

Since it was the day of expiry of May derivative series, the change in sentiment in global markets especially in the emerging market equities triggered fresh buying in beaten down index heavy weights belonging to bank, IT and capital goods sector that forced traders to square-off their bearish bets.