Indian shares rose notably on Friday as strong GDP data for the September quarter as well as encouraging core sector output figures for October raised optimism about India’s growth story.
Signs of revived FPI inflows, favorable exit poll results for assembly elections in five states and firm cues from European markets also contributed to today’s strong rally.
Global sentiment was broadly positive, Treasury yields were unchanged, and the dollar weakened as soft U.S. economic data raised hopes that the U.S. Federal Reserve will start reducing interest rates from the first quarter of next year.
New York Fed President John Williams said Thursday that policymakers are likely done with interest-rate hikes, but decisions will continue to be data-dependent.
The benchmark S&P BSE Sensex rose 492.75 points, or 0.74 percent, to 67,481.19, closing higher for the fourth straight session.
The broader NSE Nifty index closed up 134.75 points, or 0.67 percent, at 20,267.90, posting its best weekly gain in five months.
Britannia Industries, Larsen & Toubro, Axis Bank, NTPC and ITC rallied 2-3 percent in the Nifty pack, while SBI Life, Mahindra & Mahindra, Hero MotoCorp, HDFC Life and Wipro all fell over 1 percent.
Sensex Ends Above 67,400; Nifty Hits Record High
2023-12-01 10:22:31
