Indian shares rose notably on Monday, tracking gains in European markets and U.S. stock futures as investors awaited a statement from Britain’s new finance minister Jeremy Hunt on the government’s fiscal plans.
The rupee traded in a narrow range, tracking a weaker dollar in international markets amid the easing of recent pressures in U.K. bond markets.
Sentiment was also underpinned after Beijing pledged to ramp up spending and stimulus to help shore up economic growth.
The benchmark S&P BSE Sensex surged 491.01 points, or 0.85 percent, to settle at 58,410.98 while the broader NSE Nifty 50 index closed at 17,311.80, up 126.10 points, or 0.73 percent, from its previous close.
Both the indexes slipped into the red in early trade before making a sharp reversal, led by gains in market heavyweight Reliance Industries (RIL) and banking stocks.
RIL shares added 1.5 percent, while ICICI Bank, NTPC, Axis Bank, Bajaj FinServ and SBI rallied 2-3 percent.
On the flip side, JSW Steel, Larsen & Toubro and Hindalco fell 1-2 percent.
Market Analysis
Sensex, Nifty Extend Gains For Second Day As Banks Surge
2022-10-17 10:42:16
