Local markets made an excellent start to the week, with key benchmark indices ending more than two percent higher on Monday. Global cues were encouraging all the way through and confidence among participants got a boost after the G-20 finance ministers reiterated their commitment to continue the stimulus measures taken by member countries, until the global economy is fully back on track. The morning session was a bit sticky generating doubts if markets can prolong its three-day winning streak; however, as the day progressed it was quite cozy upmove which saw S&P CNX Nifty go beyond the psychological 4,900 level. Buyers exhibited their commitment at all levels as a result of which, broader indices too were able to pocket sparkling gains. The upmove in the domestic markets was led by shares from banking, consumer durables and oil & gas sectors. Telecommunication stocks like Bharti Airtel, Tata Teleservices and RCom proved to be the laggards of the day. Finally, the 30-share BSE Sensex rose 340.44 points or 2.11% to end at 16,498.72, while the S&P CNX Nifty added 102.25 points or 2.13% to settle at 4898.40.

The US markets surged on Monday as the Group of 20 countries pledged to keep stimulus measures in place, boosting the investors' appetite for risk. The other factor that took the markets to a new high was the decline in dollar which provided a rush in the oil and other commodities along with gold. Energy and materials stocks led the markets rally. The major indices were up by 2% and the Dow reached its highest level in 13 months. The Dow surged by 203.52 points, or 2.03%, to 10,226.94, its highest finish since October 3, 2008. The broader Standard & Poor's 500 index rose 23.78 points, or 2.22%, to 1,093.08, its sixth straight advance while the Nasdaq composite index was up by 41.62 points, or 1.97%, to 2,154.06.

Crude prices surged on Monday as the US dollar declined to a 15-month low against a basket of major currencies, the crude prices also got support from the shut-in oil and natural gas production as Tropical Storm Ida approached the Gulf Coast. Benchmark crude for December delivery on Monday rose $2 to settle at $79.43 a barrel on the New York Mercantile Exchange. In London, Brent crude for December delivery rose $1.90 to settle at $77.77 on the ICE Futures exchange.

The Indian rupee closed with further gains on Monday, the rupee gained strength encouraged by the sentiments of stock markets. The rupee closed at 46.45/46, 35 paise stronger compared to its Friday's close of 46.81. The domestic currency made a good start, taking cue from the regional stock markets and afterwards was equally supported by the rally in the local stock markets. On the same time the dollar declined sharply against other major currencies.

The FII on Monday were the net buyers in the equity segment with gross buying of Rs 3428.00 crore against gross sell of Rs 2732.00 crore, while in the debt segment they were the net sellers with a gross purchase of Rs 569.00 crore against gross sales of Rs 689.10 crore.

The US markets surged on Monday in tandem with the other global markets; the G-20 pledge to continue with stimulus has boosted the morale of the investors. The Asian markets are continuing with their bull run and most of the indices are trading in green. The cue for the domestic markets too remains of a good opening, Prime Ministers' assurance of a gradual but steady progress is likely to endure its impact on the market, while the oil & gas and commodity stocks are again likely to be in limelight today.

Support and Resistance: S&P CNX Nifty and BSE Sensex

                                                             Nifty Top volumes

• Jaypee Greens, a part of Jaiprakash Associates, has started construction of Sports City, a township with residential and sports facilities.
• IDEA Cellular has introduced ' Pay Per Second Billing Plan' for its GSM Prepaid customers in Delhi and NCR telecom circle.
• SBI has decided to divest part of its stake in UTI Asset Management Company and UTI Trustee Company in favour of foreign strategic investor, T. Rowe Price.
• L&T has won the Balance of Plant (BoP) contract from Madhya Pradesh Power Generation Co. (MPPGCL) for 2 x 600 MW Malwa coal-fired power plant.
• Kingfisher Airlines is planning to raise around $600 million worth of funds in the current fiscal to pay off its debt and strengthen its bottom line.

Fol...

The order is for electrification works under Infrastructure Plan Phas...