Sensex jumps 243 pts as US hikes debt ceiling

Mumbai: The Bombay Stock Exchange benchmark Sensex shot up by nearly 243 points in opening trade on Monday as global markets cheered an agreement reached by US lawmakers to raise the country's debt ceiling and avoid a default.

The 30-share BSE index, which lost over 674 points in the previous four sessions, rose by 242.87 points, or 1.33 per cent, to 18,440.07 in the first few minutes of trade on Monday, with realty, banking, power and technology stocks leading the recovery.

In a similar fashion, the wide-based National Stock Exchange Nifty index moved up by 69.90 points, or 1.27 per cent, to 5,551.90.

Brokers attributed the widespread recovery in stocks to a firming trend on other Asian bourses after US President Barack Obama announced that top American lawmakers have reached an agreement to reduce the budgetary deficit and avert a debt default.

Japan's Nikkei index was trading 1.84 per cent higher, while Hong Kong's Hang Seng Index rose by 1.56 per cent in early trade.