Sensex up 473 pts, Nifty ends above 7400 on global rally

Moneycontrol Bureau3:30 pm Market Closing: The market snapped two-day losses on Friday. The Sensex rallied 473.45 points or 1.98 percent to 24435.66 and the Nifty surged 145.65 points or 2 percent to 7422.45, tracking global rally and oil rebound.

The BSE Midcap index gained 1.9 percent and Smallcap surged 2.25 percent. More than three shares advanced for every share declining on the Bombay Stock Exchange.

GAIL, Hindalco Industries, Maruti Suzuki, Tata Steel, Hero Motocorp and M&M were top gainers, rising 5-8 percent while Bharti Airtel and Idea Cellular lost 3.36 percent and 6.23 percent, respectively.2:58 pm Market Update: Equity benchmarks extended rally with the Sensex rising 480.50 points or 2.01 percent to 24442.71 and the Nifty up 147.60 points or 2.03 percent to 7424.40.The market breadth remained strong as about four shares advanced for every share declining on the BSE.2:45 pm Oil rises 5%: Oil prices rose 5 percent today to scale the USD 30 mark breached last week, as cold US and European weather as well as firmer financial markets gave traders reason to cash in on record short positions.

While crude futures on both sides of the Atlantic were poised for their first weekly gain this year, analysts cautioned that the bounce in prices could be driven by sentiment given soaring inventories amid persistent overproduction.

In its monthly report on Tuesday, the IEA said the world oil market would remain oversupplied for at least another year.2:25 pm Earnings: L&T Finance Holdings, the subsidiary of engineering & infrastructure major, has reported a 16.7 percent year-on-year growth in consolidated profit at Rs 212 crore aided by net interest income.

Profit was also supported by operating performance that continued to remain steady with healthy margins, steady fee income and stable operating expenses, says the company, adding asset management business continued to contribute positively, which grew by 17 percent on yearly basis.

Consolidated net interest income, the difference between interest earned and interest expended, grew by 18.9 percent to Rs 805.2 crore in quarter ended December 2015 and income from operations jumped 15.8 percent to Rs 1,820 crore compared to year-ago period.Also read - IndiGo owner InterGlobe tanks 20% post Q3: What irked investors?2:00 pm Market Check: The market maintained its strong uptrend in afternoon trade with the Sensex rising 430.53 points or 1.80 percent to 24392.74 and the Nifty up 135 points or 1.86 percent to 7411.80, tracking global rally.

The broader markets also traded in line with benchmarks as the BSE Midcap and Smallcap surged 2 percent each. More than three shares advanced for every share declining on the Bombay Stock Exchange.

European stocks rallied today, buoyed by dovish remarks from the European Central Bank (ECB), which signaled further monetary easing as early as March. The pan-european STOXX Europe 600 index was 1.9 percent higher. The FTSE 100 fell into bear market territory this week as oil prices collapsed but today gained 1.5 percent. France's CAC 40 was up 2.07 percent and the German DAX gained 1.55 percent.