Sensex Soars Over 500 Points, Nifty Above 14,600

The S&P 500 ended just slightly in the red on Monday, with bank shares falling amid warnings of potential losses from a hedge fund's default on margin calls

The benchmark indices have opened strong after the extended weekend due to positive cues from the global market front. Asian markets are trading largely in the green this morning. At 9:230 am, the BSE Sensex was trading at 49,509.50, higher by 505 points or 1 per cent and the NSE Nifty was at 14,664.55, up 159 points or 1 per cent. Asian shares opened higher on Tuesday as investors shook off earlier worries about a hedge fund default that roiled global banking stocks overnight, while rekindled concerns about inflation pushed bond yields higher. In the United States, the S&P 500 ended just slightly in the red on Monday, with bank shares falling amid warnings of potential losses from a hedge fund's default on margin calls, while optimism over the economy limited the day's declines. The Dow Jones rose 0.3 per cent, while the S&P 500 lost 0.09 per cent and Nasdaq Composite dropped 0.6 per cent.