Indian share prices surged 2.89 percent on Monday, led by strong Asian markets which were fuelled by last week's gains on Wall Street, dealers said. They said an absence of negative political news, linked to a row between the government and its communist allies over a nuclear deal with the United States, also aided sentiment.
The 30-share Sensex index rose 417.51 points to 14,842.38. Gainers led losers 1,068 to 604 on volume of 34.89 billion rupees (851 million dollars). The rupee rose against the dollar to 40.98 from 41.18 while it weakened against the euro at 56.02 from 55.86.
"The markets bounced back on strong global trends and easing political fears linked to the possibility of an early poll," said a dealer at brokerage Prabhudas Lilladher.
Buying was seen in benchmark, mid and small-cap stocks. State Bank of India, the country's largest lender, rose 90.4 rupees or 6.17 percent to 1,556.6 while the world's sixth largest steel maker Tata Steel rose 20.65 rupees or 3.55 percent to 603. India's top car maker Maruti Udyog rose 40.5 rupees or 5.13 percent to 830.7.
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