The Sensex on Monday gained more than 500 points, closing at 27,626.69. This was after the market on opened at new 2016 high on Monday with the Sensex climbing over 450 points to cross 27,500. This is the highest since October 2015. Nifty, too, was near 8,450 points, trading at an 11-month high since August last year. The benchmark index rose 115 points and reached 8,438.
According to analysts, upbeat employment data in the United States has helped the economy overcome the impact of Brexit. The US added 287,000 jobs last month, signalling that world economic growth was picking up pace. Besides, a favourable monsoon and hopes of the Good and Services Tax Bill being passed in the upcoming Parliament session also helped the market surge.
Bharti Airtel was among the top Sensex gainers after the telecom ministry is learnt to have cleared the Rs 3,500-crore 4G spectrum deal between Bharti Airtel and Aircel, reported Business Standard.
The US employment hopes also pushed the Asian stock market. Japan was leading after a surge of 3.5%. Shares in Singapore and Hong Kong markets too climbed up.