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Ending one of the worst months in its history, the Sensex closed 743 points higher on account of short covering and positive Q2 earnings of some frontline companies.

The broader benchmark Nifty also rallied nearly 7 per cent to end at 2885 levels.

“ The markets markets have rallied almost 25 per cent from their lows and they may carry the momentum in the next few trading sessions also,” said Mitesh Thakkar, an investment advisor.

On the BSE, metal index led the gainers, surging 10.2 per cent. Prominent gainers in the pack were JSW Steel, Sterlite Industries and Jindal Steel and Power. JSW Steel jumped over 32 per cent to end at Rs 304.

Other major gainers among the sectoral indices were oil and gas, banking and technology stocks.

The oil and gas index on the BSE rose 9.1 per cent. RIL, Aban Offshore and Essar Oil were the prominent gainers in the pack.

The banking index gained 7.2 per cent while the technology index jumped 6.6 per cent.

Among the Sensex scrips, Mahindra & Mahindra was the biggest gainer, up over 23 per cent. Other major gainers were Housing Development Finance, JP Associates and ICICI Bank, up more than 15 per cent each.

Sensex heavyweight RIL, surged 13.8 per cent on reports the company could fetch higher selling price for gas.

RCom, also spiked in the last minutes of trade to end 13.76 per cent higher after its Q2 results were announced. The company’s net profit stood at Rs 1531 crore v/s Rs 1512 in the previous quarter.

READ AT NDTV