Indian shares rose sharply on Friday to snap a five-session losing streak as U.S. bond yields edged off the 14-month highs reached the day before in reaction to the Fed’s decision to allow inflation to accelerate more than normal.
Bond markets have experienced sharp moves earlier this week as the U.S. Federal Reserve upgraded expectations for GDP growth and inflation and cut estimates for the unemployment rate.
The 10-year Treasury yield pulled back after economic data released overnight proved to be a mixed bag.
The benchmark S&P BSE Sensex jumped 641.72 points, or 1.30 percent, to 49,858.24, while the broader NSE Nifty index ended up 186.15 points, or 1.28 percent, at 14,744.
Tata Steel, UPL, JSW Steel, NTPC and Hindustan Unilever rallied 4-5 percent in the Nifty pack while Larsen & Toubro and Tech Mahindra fell about 1 percent.
Sensex Soars 642 Points; Nifty Nears 14,750
2021-03-19 10:37:40
