Mumbai, Nov 28 (IANS): Strong global cues and value buying saw Indian equities rise Monday with a benchmark index closing 471 points higher and above the 16,000-level.
Traders bought into recently battered stocks as buying sentiments firmed up after many days of selling pressure.
The 30-scrip sensitive index (Sensex) of the Bombay Stock Exchange (BSE), which opened at 15,890.8 points, closed at 16,167.13 points -- 471.7 points or 3.01 percent up from its previous close at 15,695.43 points.
It had touched an intra-day high of 16,186.68 points and regained the 16,000 level after a gap of three days.
The 50-scrip S&P CNX Nifty of the National Stock Exchange also ended higher at 4,851.3 points, up three percent or 141.25 points from its previous close.
Broader markets also rose with the BSE 500 index closing 2.61 percent up. The BSE midcap index closed 1.5 percent higher while the BSE smallcap index moved up 1.72 percent.
"Markets staged a smart comeback today after suffering losses last week. Positive Asian markets and talks of some aid for Italy from IMF helped sentiments," said Dipen Shah, head-fundamental research, Kotak Securities.
"There were also some expectations of some quick solutions to the eurozone crises from Germany and France, which supported markets," added Shah.
All 13 sectoral indices on the BSE were in the green with metals, energy and banking stocks among the biggest gainers.
The market breadth was positive, with 1,831 stocks advancing and 911 on the decline. Another 127 were unchanged.
Among gainers on the 30-scrip Sensex were: Tata Motors, up 5.36 percent at Rs.181; HDFC, up 5.1 percent at Rs.644.50; SBI, up 5.03 percent at Rs.1,775.70; and ICICI Bank, up 4.39 percent at Rs.751.
There were only two losers on the benchmark Sensex: Bajaj Auto, down 1.69 percent at Rs.1,615 and Hero MotoCorp, down 0.69 percent at Rs.2,035.
However, foreign funds were net sellers Monday with data available with the Securities and Exchange Board of India (SEBI) showing that foreign institutional investors sold stocks worth $144.91 million.
Asian markets rose Monday on reports that the International Monetary Fund (IMF) was considering a plan to help out debt-ridden eurozone economies. However, the IMF denied any such move.
The Japanese Nikkei closed 1.56 percent higher at 8,287.49 points. Hong Kong's Hang Seng closed 1.97 percent up at 18,037.81 points.
The Chinese Shanghai composite index closed flat at 2,383.03 points.
Although, the IMF clarified that it was not mulling any package for Italy, bourses in the eurozone continued to rise. Reports from the US showing a good start to the festive sales season also helped boost sentiments across Western World markets.
The UK's FTSE 100 was ruling 2.13 percent up at 5,274.5 points, DAX was trading 3.2 percent higher at 5,668.6 points.
The French CAC 40 was ruling 3.78 percent higher at 2,964.97 points.