Indian shares rose notably on Monday to reach new record highs despite weak cues from global markets after China reported disappointing GDP data.
The benchmark S&P/BSE Sensex jumped 529.03 points, or 0.80 percent, to 66,589.93 – marking a record closing high driven by sustained foreign fund inflows on the back of a weaker dollar amid expectations the Fed is nearing the end of its tightening campaign.
The broader NSE Nifty index also scaled a fresh record closing high, ending 146.95 points, or 0.75 percent, at 19,711.45.
HDFC Bank, Grasim, Dr Reddy’s Laboratories, Wipro and SBI rallied 2-3 percent in the Nifty pack while Bharti Airtel, Titan Company, Tata Motors, Hero MotoCorp and ONGC fell 1-2 percent.
Gold prices were mixed in European trade after gaining about 1.6 percent last week to post their biggest weekly rise since April.
The dollar index hovered around 15-month lows after suffering its biggest weekly drop of the year.
Two-year U.S. Treasury yields, the most sensitive to shifts in rate expectations, were down slightly to hover above one-month lows while oil prices declined on China demand concerns.
Sensex, Nifty Scale Fresh Record Highs
2023-07-17 10:31:11
