Indian shares posted strong gains on Monday, as signs of a resilient U.S. economy and hopes that the Federal Reserve will taper its hawkish stance outweighed investor disappointment over sluggish PMI data from parts of Asia and Europe.
Closer home, India’s manufacturing activity continued to expand strongly in June, thanks to greater demand for India-made products both domestically and internationally, the results of the purchasing managers’ survey from S&P Global showed today.
The manufacturing Purchasing Managers’ Index, or PMI, dropped to 57.8 in June from 58.7 in May.
Benchmark indexes Sensex and Nifty both settled at record closing highs despite gains in the dollar index and a surge in oil prices.
The S&P/BSE Sensex jumped 486.49 points, or 0.75 percent, to 65,205.05, while the broader NSE Nifty index settled 133.50 points, or 0.7 percent, higher at 19,322.55.
Among the top gainers, Reliance Industries, Bajaj Finance, BPCL, ITC and Grasim rallied 2-3 percent in the Nifty pack.
Market Analysis
Sensex, Nifty Reach Fresh Record Highs
2023-07-03 10:25:13
