Market update: BSE Sensex ends at one-week high on diesel deregulation, global cues

The benchmark Bombay Stock Exchange (BSE) Sensex spurted by 321 points to finish at a one-week high of 26,429.85 on buying mainly in Auto, Capital Goods, Banking, Refinery and Power sectors after the government on Saturday deregulated diesel prices coupled with higher global cues.

Investors also cheered a strong showing of the Bharatiya Janata Party (BJP) in Maharashtra and haryana Assembly elections.

Sectorally, of the 12 S&P BSE indices, only IT and Teck ended in the negative zone while others finished in the green.

The 30-share barometer resumed strong at 26,434.16 on firm Asian cues on the back of positive trends on Wall Street last Friday and hovered in a positive terrain throughout the day in a range of 26,517.90 and 26,368.94 before ending at 26,429.85, showing a sharp rise of 321.32 points (or 1.23 per cent). Last Friday, the BSE index had risen by 109.19 points (or 0.42 per cent).

The broader 50-issue National Stock Exchange (NSE) Nifty also rose by 99.70 points (or 1.28 per cent) to 7,879.40.

Japanese stocks led a rally in Asian stocks on Monday after solid economic data from the United States and earnings reassured investors worried about the health of the world economy. Key benchmark indices in Japan, China, Taiwan, South Korea Hong Kong and Singapore were up 0.42 to 3.98 per cent.

European stocks dropped in their afternoon trade on worse-than-estimated financial results. Key incies in France, Germany and the United Kingdom were off by 0.53 per cent to 0.85 per cent.

US stocks rallied on last Friday as earnings beat estimates, consumer confidence reached a seven-year high and investors speculated that central banks would add more economic stimulus.