Sensex, Nifty surge to over three-month High

MUMBAI: The S&P BSE Sensex and NSE Nifty 50 indexes extended gains in noon deals led by gains in pharma, banking, financial services and metal shares. The Sensex rose as much as 479 points and Nifty touched an intraday high of 10,386.40. With Monday’s gain, the benchmarks rose to their highest levels since March 11.
As of 2:11 pm, the Sensex was up 390 points at 35,122 and Nifty climbed 132 points to 10,377. “Rally in the markets has been on the back of strong gains in Reliance Industries and Bajaj Finance,”AK Prabhakar, head of research at IDBI Capital said . Prabhakar advises not to take fresh long positions at current levels and stay on the sidelines.
All sector gauges barring the Nifty IT index were trading higher led by gains in Nifty PSU Bank index’s over 4 per cent gain. Nifty Private Bank, Pharma, Media, Metal and Bank indexes also rose between 1.7-2.7 per cent each.
IT shares were facing selling pressure after the US President told Fox News in an interview that he will announce new restrictions on various work visas Sunday or Monday.

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