Mumbai: Market benchmark Sensex surged over 181 points and the NSE Nifty reclaimed the 8,800-mark on Thursday after global markets cheered a surprise deal by OPEC to cut oil production for the first time in eight years.
Short-covering of bets with today being the last session of September expiry in the derivatives segment kept the momentum on.
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The 30-share index, which had gained 69.11 points in the previous session, rallied by 181.31 points, or 0.64%, at 28,474.12.
Oil and gas, realty, PSU, auto and metal stocks were in a sweet spot, which gave the sentiment a lift.
The NSE index Nifty was also trading higher 55.50 points, or 0.63%, at 8,800.65.
Brokers said the mood was markedly buoyant, bolstered by a flurry of buying following a firming trend in global markets after a surprise deal by OPEC to slash oil output and lift prices.
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Globally, Brent crude for November added 22 cents to $48.91 a barrel.
Hong Kong’s Hang Seng was up 0.29%, Japan’s Nikkei gained 1.42 per cent while Shanghai Composite index edged higher 0.60% in early trade on Thursday.
The US Dow Jones Industrial Average ended 0.61% up on Wednesday.