Markets rise two per cent on global cues

Mumbai: The equity markets soared over two per cent on Monday amidst sharp gains in overseas equities as a lower than expected growth in the US non-farm payroll data raised the possibility of a delay in interest rate hike by the US Federal Reserve. The Sensex surged 564.60 points or 2.15 per cent to end the day at 26,785.55 while the Nifty climbed 168.40 points or 2.12 per cent to end the day at 8,119.30.

“Now most of the global investors feel that a rate hike would happen only by March 2016 instead of December 2015. Moreover, the global growth outlook is also not promising,” said Uday Narayan Dubey, vice- president, institutional desk at R.K. Global. On the domestic front, he pointed out that the sentiments had improved after the RBI surprised the street with a 50 bps cut in interest rates.