The wider 50-scrip Nifty of the National Stock Exchange (NSE) also made gains during the session. It rose by 123.20 points or 1.50 percent at 8,348.15 points.

The Sensex which opened at 27,427.19 points, was trading at 27,696.53 points (at 2.00 pm), up 380.36 points or 1.39 percent from the previous day's close at 27,316.17 points.

The Sensex touched a high of 27,738.49 points and a low of 27,417.03 points in the intra-day trade so far. According to Angel Broking, the Indian markets opened higher tracking the SGX Nifty and global cues.

"Indian shares extended gains for a sixth consecutive session (June 19), as a better-than-expected start to the monsoon and a nominal Rs 50 per quintal hike in the minimum support price (MSP) for paddy spurred hopes that the Reserve Bank of India will cut rates for a fourth time this year," the firm said.

The barometer index gained 890.87 points or 3.37 percent during the weekly trade ended June 19. The gains have been attributed to the a six-day relief rally that started from June 12.

Market analysts elaborated that the buoyed investor sentiments were supported by a healthy monsoon, rise in crop prices, deferment of a US interest rate hike coupled with good macro-economic data and parleys to resolve the Greece debt crises. One of the major reasons for the sustained buying is the fact that US Federal Reserve decided not to raise interest rates in June.

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